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It was a sedate sideways move for MUL last week. The decline in the stock halted at the short-term support at Rs 538 indicated in this column last week.

An upward reversal from these levels can take the stock higher to Rs 597 or Rs 635 again. But fresh long positions should be avoided if the stock declines below Rs 530.

Subsequent target for the stock would be Rs 475.

The medium-term view for MUL is neutral. The stock is likely to move in a range between Rs 550 and Rs 750 for a few more weeks before a clear trend emerges. A weekly close above Rs 800 is required to make the medium-term view positive in the stock.

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