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The stock kept both traders and investors on tenterhooks by moving sideways just below its 200-day moving average. However, the short-term trend is currently up and the stock price can move higher to Rs 983 in the near term. Investors need to stay watchful until this level is cleared.

The recent move to Rs 922 has retraced 50 per cent of the down move from October 2007 peak and hence qualifies as the B wave of the correction. The C wave down has the minimum target of Rs 650. This count will stay in reckoning as long as the stock remains below Rs 980.

But long-term investors can watch out for buying opportunity as the stock nears the band between Rs 650 and Rs 700.

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