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This stock reversed from the peak at Rs 1,457 on Monday and closed the week with an 8 per cent decline. If we consider the movement of the stock over the last four weeks, it is moving in a band between Rs 1,100 and Rs 1,400. The short-term trend will turn positive only if the stock moves firmly beyond Rs 1,450. If this hurdle is crossed, the stock can rise towards the band between Rs 1,600 and Rs 1,650. Medium-term view will turn positive only on a close above Rs 1,650.

Supports for the short-term will be available at Rs 1,190 and Rs 1,040. Short-term investors can hold the stock with a stop at Rs 1,170. Investors with a long-term investment horizon can accumulate the stock on declines below Rs 1,000.

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