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Lokeshwarri S.K.

This stock moved higher in the first half of last week to a high of Rs 947. But the reaction thereafter has formed a star with a long upper shadow in the weekly chart. This is a negative signal. The stock is expected to move lower to Rs 855 in the near term. But the medium term outlook will turn negative only on a close below this level.

Investors should hold the stock with a stop at Rs 820. The up-move that began from the June 2006 trough will end only if the stock closes below this support.

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