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The seemingly impenetrable support at Rs 400 has finally been shattered in Satyam and the stock has already fallen to our medium term target at Rs 370. That is real bad news for the stock. Satyam has now joined Infosys in embarking on a long-term correction. The immediate long-term support is at Rs 349. But a fall below will take the stock to Rs 300. Long-term investors can, however, watch out for a recovery from Rs 350 area.

Immediate resistance in the near term would be at Rs 394 and then Rs 410. A rally beyond the second resistance is needed to mitigate the negative outlook for the short term.

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