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The stock spent most of its time last week testing the key resistance at ₹370. It eventually broke this level and surged 2 per cent on Friday. With this rally, the short-term trend has turned bullish. The indicators in the daily chart have entered the positive zone while weekly indicators are yet to recover. A strong up move can take the stock higher to ₹390 and then to ₹400. Traders with short and medium-term perspective can buy the stock with a stop-loss at ₹365 levels. Nevertheless, a bleak start can keep the stock under pressure and pull it down to its immediate supports at ₹370 and ₹365. An emphatic fall below ₹365 will re-instate the bearish momentum and take the stock lower to ₹360 or ₹350 levels in the short term. Traders with a short-term view should tread with caution in such a scenario.
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