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The scrip's feeble attempt to rally last week was thwarted by the 50-day moving average positioned at Rs 1,070. The 10-week ROC has moved below the zero line. The C wave of the correction that began from December 5, 2006 seems to be in progress now. This wave has the minimum target of Rs 950.

The downward targets for this week are Rs 1,009 and then Rs 968. A rally past Rs 1,090 is required to mitigate the bearish outlook for the short term. The stock can then move towards the next resistance at Rs 1,125.

Lokeshwarri S. K.

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