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After its initial fall, the stock found support around ₹345 and rebounded smartly. However, it closed the week on a marginally negative note. The indicators still hover in the negative terrain. The stock tests a key resistance at ₹370. Moreover, subsequent key resistances are at ₹380 and ₹390. A corrective rally to these resistances is possible. However, to alter the short-term downtrend, the stock needs to decisively rally above ₹390. This can take the stock higher to ₹410 and then to ₹420 in the short to medium-term. Traders with a short and medium-term view should tread with caution as long as the stock trades below ₹390 level. Inability to surpass its key immediate resistances can pull the stock to ₹350 or even to ₹340 in the short term.
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