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MUL tested the support at Rs 475 fleetingly on Thursday before reversing upward. But the short-term trend in the stock continues to be down. Immediate resistances in the week ahead would be at Rs 532 and then Rs 572. Reversal from either of these levels would denote that the stock can decline to Rs 430 or even Rs 390.

MUL has key long-term support at Rs 550, around which the stock is moving since July. The stock could be attempting to form a long-term trough at these levels. But a firm close above Rs 800 is needed to signal that the stock has formed a long-term trough and is on the road to recovery. Next long-term support is at Rs 400 for the stock.

— Lokeshwarri S.K.

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