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This stock continued to be an out-performer and moved in a narrow range in a week when most other stocks were slipping and sliding.

We stay with the view that the medium-term view for the stock stays positive as long as the Rs 1700-support is not breached strongly and a reversal from this zone can propel the stock higher towards Rs 2,000 again.

However, the short-term trend in the stock is down since the Rs 2,010-peak.

The feeble sideways move last week can be followed by a decline to Rs 1,647 or Rs 1,528.

Traders can hold their long positions as long as the stock remains above Rs 1,528.

Decline below this level would imply that the stock is heading towards the March trough at Rs 1,300 again.

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