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This stock recorded an intra week peak at Rs 290, in line with our expectation. The targets for the third leg of the move from Rs 245 trough are Rs 306 and then Rs 336. Since these levels coincide with the 50- and 200- day moving averages, short-term traders can book partial profits at these points. The supports in the week ahead would be Rs 276 and then 264. Traders can buy in declines as long as the first support holds.

Tentative buy signals are emerging in the weekly oscillators though they continue in the negative region. The stock still has some way to go before the medium-term outlook turns positive. The first requisite would be a weekly close above Rs 360.

— Lokeshwarri S. K.

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