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The stock slipped below the 200-day moving average last Monday and stayed below the average for the rest of the week. The stock made an intra-week low of Rs 947 on Wednesday. This is exactly 61.8 per cent retracement of the upward move since the low made in July 2006.

First signs of reversal are apparent on the daily chart though the weekly chart does not conform. The stock can make an attempt to rally upwards to Rs 1,058 or Rs 1,092 next week. Failure to cross above Rs 1,058 will indicate that the stock price slip towards Rs 950 or Rs 900 over the medium term.

Lokeshwarri S.K.

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