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The stock surged 4.7 per cent last week, in line with our expectation. It rallied and marked an intra-week high at ₹401.9, testing a significant medium-term resistance level of ₹400. Since mid-January 2015, the stock has been on a short-term uptrend. There has been an increase in volume over the past five trading sessions. Indicators and oscillators in the daily chart feature in the bullish territory, implying upward momentum. Weekly indicators have just entered the bullish territory, signalling that the uptrend is strengthening. Though the stock can face some struggle in breaking past the current resistance at ₹400, a decisive breakthrough will have bullish implications and take the stock higher to ₹420 in the coming weeks. Investors can hold it with a stop-loss at ₹383. Supports are at ₹370, ₹365 and ₹350.
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