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After testing the 200-day moving average and a key resistance at around ₹1,025 (adjusted), the stock fell 1.8 per cent in the prior week. The area around ₹1,025 is a key resistance; the stock is facing difficulty in surpassing it. Moreover, the near-term outlook is negatively biased. The stock trades below its 50 and 200-day moving averages. Both the daily and weekly price rate of change indicators feature in the negative territory, implying downward momentum. Traders with a short-term perspective can initiate short position with a stop-loss at ₹1,000. Resumption of the downtrend can pull the stock downto ₹970 initially and then to ₹950. Conversely, to alter the bearish stance, the stock needs to decisively break the significant resistance at ₹1,025 for an up move to ₹1,050 and then to ₹1,070 levels.
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