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Lokeshwarri S. K.

The stock could not get past the 50-day moving average positioned at Rs 1,350 last week.

The movement last week suggests that we are in the second wave of the downward move that began from the top at Rs 1,445. This move can evolve in to flat pattern that will make the stock price rise once more towards Rs 1,350 before the next downward leg starts.

Fall below Rs 1,230 will pull the stock to Rs 1,170, where the 200-day moving average is positioned and then to Rs 1,155.

Use rallies to short the stock with a stop at Rs 1,355.

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