The stock zoomed 12.4 per cent with good volumes, breaking out of a long-term resistance at Rs 140 on December 7. However, it gave away some of its gains in later sessions and finished the week with 9.5 per cent in gains. Since registering a 52-week low at Rs 116.8 on November 23, the stock has been on a short-term uptrend. Nevertheless, the stock is currently testing its next long-term resistance and its 200-day moving average at Rs 155. Strong upward breakthrough of this resistance level will take the stock higher to Rs 173 and then to Rs 185-190 range in the medium-term.

Failure to surpass Rs 155 will keep the stock trading between Rs 140 and Rs 155 for a while. But a breach of Rs 140 will reinforce bearishness and pull the stock down to Rs 120 and to Rs 112. Next key supports for the stock are pegged at Rs 98 and Rs 84.

United Breweries (Rs 460)

United Breweries skyrocketed 15.4 per cent penetrating its immediate key resistance at Rs 432 in the previous week. However, the stock is currently testing its significant long-term resistance at Rs 500, which is also a medium-term trend deciding level.

An emphatic weekly close above the aforesaid level will alter the medium-term downtrend that has been in place from the June 2011 peak of Rs 613.

Medium-term targets on decisive breakthrough are Rs 542 and Rs 600. Conversely, a downward reversal from Rs 500 will drag the stock down to Rs 432 and then to Rs 388 levels in the medium-term.

A strong close below Rs 350 will strengthen the stock's downtrend and pull the stock lower to Rs 300 and to Rs 275 levels in the long-term.

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