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The stock climbed marginally in the midst of volatility in the previous week. Following a sharp fall in late October, the stock has been moving sideways for the past three weeks in the range between ₹235 and ₹250. The lower boundary, which is a key support level, also coincides with the 61.8 per cent Fibonacci retracement level of the stock’s prior upmove. An emphatic downward breakthrough of ₹235 can mitigate the near-term uptrend and pull the stock down to ₹230 and then to ₹220. But the stock faces a significant resistance in the ₹250-₹260 range. A strong rally above this is needed to reinforce the bullish momentum and take the stock up to ₹270 and ₹280. Traders should thus tread with caution as long as the stock moves sideways and only initiate fresh positions based on the break-out.
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