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This stock is steadfastly sticking to the narrow range between Rs 1,680 and Rs 1,730. The 10-day ROC is moving around the zero line and the 14-day RSI moving around 50 clearly reflect this indecision. However, the weekly momentum indicators are signalling a sell and the falling volumes is also a cause for concern.

We stick to our expectation that there can be a down move to Rs 1,656 and then Rs 1,598. But the medium term outlook will turn negative only on a fall below Rs 1,580. Fresh buys should be contemplated only on a close above Rs 1,785.

Lokeshwarri S. K.

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