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MUL recorded a very sharp reversal in the early part of last week that took it slightly below the near-term support at Rs 475.

A feeble recovery is currently in progress. Short-term resistances would be at Rs 512 and then Rs 548.

Inability to move above the first resistance will pull the stock lower to Rs 446 again.

The medium-term view stays neutral since the stock closed the week above Rs 475.

The current medium-term range for the stock is between Rs 450 and Rs 750.

Weekly momentum indicators are displaying weakness. But a weekly close beyond either boundary is required to set the long-term direction in this stock.

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