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Last week, the stock extended its downtrend by declining 2.6 per cent. But it continues to test its significant medium-term support between ₹300 and ₹308. This support band is providing temporary support as of now. The stock has been on a medium-term downtrend from its late February peak of ₹409. However, to strengthen the downtrend and pull the stock further down to ₹285 and then to ₹273, it needs to breach the current support band. Traders with a short-term view can initiate fresh short position in that scenario with a stop-loss at ₹306 levels. On the upside, the stock has a significant short-term resistance at ₹318 and a strong up move above this level will alter the near-term downtrend and take the stock up to ₹331. Investors with a medium-term perspective should be watchful.
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