After declining to an intra-week low of ₹288, the stock bounced back taking support at ₹290 and managed to close the week on a flat note. It continues to face resistance at around ₹308. A decisive rally above this level is needed to reinforce the bullish momentum and take the stock northwards to ₹313 and ₹320. Key resistances beyond ₹320 are placed at ₹326 and ₹335. Traders with a short-term perspective should tread with caution while initiating fresh long positions. However, if the stock fails to break the key level of ₹308, the price movement will remain sideways. On the downside, a strong fall below ₹290 will be cue for exiting the stock as this can further push the stock down to ₹280 support levels. A sharp fall below this level can make the short-term outlook bearish. Subsequent supports are placed at ₹270 and ₹260 levels.
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.