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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.
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