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The impetus provided by election results helped MSIL reach our medium-term target of Rs 950. But the buying momentum took the stock beyond this target to an intra-week peak at Rs 1,058. The area around Rs 950 is a key intermediate term resistance for MSIL and if the stock sustains above this level, it can attempt to rally towards its all-time high at Rs 1,252. However, if it fails to sustain above this level next week, the stock can slip down to Rs 820 or even lower over the next couple of months.

The short-term trend in the stock is down. Supports for the week ahead would be at Rs 940 and Rs 865. Short-term investors can buy on a reversal above the first support. Resistances for the week would be Rs 1,060 and Rs 1,100.

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