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Following a decline to ₹276, the stock rebounded smartly. It surged 8 per cent breaking the key resistance level of ₹300 on Friday on the back of good Q3 earnings. It then closed the week with 5.8 per cent gains. The ongoing bullish momentum will remain in place as long as the stock trades above ₹300. However, it faces a key resistance at ₹308 and both 21 and 50-day moving averages are poised at this level. A decisive rally above this resistance level will be a buying opportunity for traders with short-term perspective; with a stop-loss placed at ₹300. The stock can rally to ₹313 and ₹320 levels. Next resistances are placed at ₹326 and ₹335. Investors with a medium-term view can also buy the stock with a stop-loss at the level of ₹285. Supports are at ₹300, ₹290 and ₹280 respectively.
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