Glaxosmithkline Consumer had been consolidating sideways between Rs 2,250 and Rs 2,500 from mid June until last week. It jumped 6.5 per cent in the previous week, emphatically breaking out of this sideways consolidation range. Moreover, the stock had advanced 5.5 per cent the week earlier, breaching its 21- and 50-day moving averages reinforcing the bullish momentum.

The stock is in an uptrend in all time frames. As the stock's daily relative strength index is entering into overbought levels we don't rule out a near-term corrective decline to Rs 2,500. Next supports for the stock are at Rs 2,315 and Rs 2,250. Key resistances are at Rs 2,700 and Rs 2,750.

Educomp Solutions (Rs 241.7)

The stock plummeted 10 per cent on Friday, after the company's announcement of poor September quarters results. It failed to move above its key resistance at around Rs 280 which it was testing from early October and declined steeply. The stock's recent decline penetrated its short-term up trend line that was in place since early September and a key support level at around Rs 250. It appears to have resumed its intermediate and long-term downtrend. The stock may decline and reach its immediate supports at Rs 210 and Rs 190 in the medium-term. Significant resistances are pegged at Rs 250, Rs 280 and Rs 300.

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