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The stock recorded yet another strong week with a gain of over 7 per cent. Though Thursday’s fall caused a minor reversal, it is expected to move higher to Rs 2,430 and then Rs 2,530 in the near term. The near-term outlook will reverse only when the stock falls below Rs 2,200.

The stock is moving sideways with an upward bias since November 5. This move seems to be the correction of the move from Rs 1,601. Though a fall to Rs 2,150 is possible over the next few weeks, the medium-term outlook will turn negative only when the stock drops below Rs 2,025.

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