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This counter is showing no sign of bottoming out. It closed with a loss of 2 per cent last week. Volumes spiked on Wednesday, when the stock recovered from a low of Rs 680.

Momentum indicators are extremely over sold on both the daily as well as the weekly charts.

The next long-term support for this stock exists at Rs 641. That is half the distance covered by the stock from the 2003 lows. Near term resistance for the stock would be at Rs 741 and then at Rs 780. Traders should wait for a close above Rs 780 before playing long.

Lokeshwarri S. K.

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