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The movement last week concurred with our view that the downward move from the peak of Rs 1,378 has entered in to its second leg.

This second wave can chart a flat or a triangle pattern and keep the price oscillating between Rs 1,300 and Rs 1,150.

Completion of this second wave will usher in the third wave down that will drag the price lower to Rs 1,068 or Rs 936.

Our outlook stays negative till there is a firm close above Rs 1,300.

Keep a stop-loss at Rs 1,190 for you current short-term holdings.

Lokeshwarri S. K.

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