Last week, the stock extended its downtrend by declining 2.7 per cent and breaching its 200-day moving average. Though the medium- and short-term trends are down for the stock, a significant support is present at ₹1,900, which can provide cushion. Indicators on the daily chart feature in the oversold levels signalling a corrective upmove is possible. The stock trades at the lower end of the Bollinger Bands, indicating a rebound. Hence, short-term traders should stay cautious. The stock can test support at ₹1,900 and move sideways for a while. A decisive fall below ₹1,900 can accelerate the downtrend and pull the stock down to ₹1,800 and then to ₹1,700 levels. Resistances to note are at ₹2,000, ₹2,150 and ₹2,250 levels. As long as the stock trades below ₹2,150, its medium-term downtrend remains bearish.
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