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The stock was choppy and fell 2.6 per cent with below average volume last week. Nevertheless, the short-term uptrend that started from the late September low of ₹200 continues to be in place.
Traders with a short-term perspective can make use of the decline to buy the stock while maintaining a stop-loss at ₹235. The continuation of the stock’s short-term uptrend can push it higher to ₹265 and ₹280 in the coming weeks.
The daily as well as weekly price rate of change indicators hover in the positive territory, implying buying interest. But a conclusive fall below the key base level of ₹230 will mar the short-term uptrend and drag the stock down to ₹215 or even lower.
Since the May peak of ₹384, the stock has been on a medium-term trend. Only an emphatic breakout of a key resistance band between ₹290 and ₹300 will alter this downtrend.
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