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The stock completed a classic zigzag pattern last week, ending the C wave at a low of Rs 1,126, slightly above our first target of Rs 1,114. The fall last week has made the stock retrace 36 per cent of the rally since June 2006.

The stock can rally to Rs 1,253 and then Rs 1,280 next week. If the stock struggles with the Rs 1,280 level, it would mean that the downtrend would resume. Fresh longs should be initiated only if the price moves past Rs 1,280. Hold your longs with a stop at Rs 1,110.

Lokeshwarri S. K.

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