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After testing the lower boundary of the sideways range between ₹315 and ₹331, the stock edged higher, climbing 1.8 per cent last week. Since early August, the stock has been consolidating sideways. Both the daily and weekly relative strength indices feature in the neutral region, implying lack of strength. Other indicators are showing mixed signals. Therefore, traders with a short-term horizon can avoid trading in the stock as long as it moves sideways. A strong fall below the lower boundary at ₹315 can pull the stock down to ₹310 and then to ₹300 in the near future. In that case, the stock’s downtrend can become stronger. On the other hand, the stock has to emphatically break the upper boundary level of ₹331 to reinforce the bullish momentum. This will push the stock up to ₹340, the 200-day moving average level, and then to ₹350 levels.
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