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Last week, the stock managed to advance 3.4 per cent. It continues to move sideways in a broad range between ₹200 and ₹255 in the short-term. A strong rally above the 200-day moving average and a key resistance at the level of ₹235 can take the stock upwards to ₹255. Traders can buy on a strong rally above ₹235, with a fixed stop-loss for the target of ₹255. Medium as well as intermediate-term trends for the stock are down. It has been on a medium-term downtrend from its May high of ₹384. On the other hand, failure to rally above the level of ₹235 can pull the stock down to ₹215 initially and then to ₹200 in the short term. The stock has key supports below ₹200 at the levels of ₹185 and ₹165. Significant resistances to watch above ₹255 are at ₹265 and ₹285 levels.
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