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This stock was floundering near its long-term support in the zone between Rs 580 and Rs 620. The pattern formed last week appears to be a running correction, which has bearish connotations.

The stock can decline to Rs 557 or Rs 525 in the near term. Resistances for the week would be at Rs 650 or Rs 700.

The medium-term trend in the stock is sideways. Retracement of the entire bull phase from 2001 trough gives the key support for the stock at Rs 600.

If this level is breached, the next long-term support is at Rs 505. The long-term view will be resolved only if the stock moves breaks-out of the current range between Rs 580 and Rs 700.

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