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This counter led the market lower last Monday. But the mid-week recovery took the stock price to its 50-day moving average positioned at Rs 1,350. We have a star on the weekly chart with long upper and lower shadows. This denotes indecision. Sharp moves are possible in either direction.

Cautious stance is advisable for the short term till the stock price closes above Rs 1,372. Failure to rally above Rs 1,350 will take the stock price lower to Rs 1,229 or Rs 1,200. The 200-day moving average present below at Rs 1,168 will be the next strong support for the intermediate term trend.

Lokeshwarri S.K.

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