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The strong upward thrust in Satyam Computers was arrested at the intra week peak at Rs 424. The key resistance to watch next week is at Rs 424. Inability to move past this resistance would mean that the stock is moving down to Rs 370 or Rs 312 in the near-term. Fresh long positions should be initiated only on a move beyond Rs 428. The subsequent targets are Rs 440 and then Rs 470.

The medium-term outlook has now been revised to neutral. The stock is likely to stay volatile in the range between Rs 300 and Rs 500 during this period. The view will turn overtly negative only if the lower boundary is penetrated conclusively.

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