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This stock recorded a sharp reversal on Friday forming a bearish engulfing candle in the daily chart. This move has also made the stock close below both the 200 and 50-day moving averages and also below the key medium-term support at Rs 1,700.

Both the daily and the weekly momentum oscillators are in the sell mode now implying the reversal in both the short and the medium-term trend.

However, the medium term view will turn overtly negative only on a close below Rs 1,528. Subsequent target is Rs 1,300.

The stock could move lower towards Rs 1564 in the near-term. A reversal from here would mean that a move towards Rs 2,000 is again possible. Resistances would be at Rs 1,876 and then Rs 1,937.

— Lokeshwarri S. K.

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Play defensive in a volatile market

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