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MUL built on the gains made in the previous week and went on to an intra-week peak at Rs 635. Though it retracted a little from this level, the short-term view on this stock stays positive.

Near-term supports for the stock are at Rs 574 and then Rs 538. Short-term investors can hold the stock with a stop at Rs 530. A reversal from current levels can take the stock higher to Rs 635 and then Rs 638.

Strong medium-term resistance will, however, be encountered in the band between Rs 750 and Rs 800. Medium-term view will turn positive only on a close above Rs 800. MUL can spend a few more months in the band between Rs 500 and Rs 800 before breaking out in either direction.

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