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This stock reversed from Rs 1,121, in line with our expectation and resumed its short-term up trend. The third part of the rally from Rs 1,007 has the targets at Rs 1,287, Rs 1,390 and then Rs 1,556. But the down-trend line and the 50-day moving average poised at Rs 1,400 need to be surpassed before the short-term outlook turns positive. Traders should watch out for sudden reversal around this area.

Though the daily momentum indicators are in the positive terrain, this optimism is not being reflected by the weekly charts. A reversal from the Rs 1,400 zone can make the stock consolidate in the band between Rs 1,000 and Rs 1,400 for a few weeks before it finally moves higher. Long-term investors can accumulate in the band between Rs 1,000 and Rs 1,200.

— Lokeshwarri S. K.

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