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We had indicated a long-term trend reversal in this stock a few weeks back. The stock has retraced more than 40 per cent of the upward move recorded since 2002. But it is yet to be ensured if this correction has ended or if this is just another leg of the long-term down trend.

We continue to adhere to that view that a rally beyond Rs 1,050 should be seen before fresh trading longs are initiated with the short-term targets of Rs 1,100 and Rs 1,173. A rally beyond Rs 1,173 is needed to make the long-term outlook positive again.

Lokeshwarri S. K.

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