The stock nosedived 20 per cent to record an intra-week low of Rs 633 in the previous week. However, after testing the key support at around Rs 650, the stock bounced up 7 per cent on Friday which trimmed its weekly loses to 11 per cent. The stock has been on a medium-term downtrend ever since peaking out from its life time high of Rs 1,021 recorded on September 6. As long as the stock trades below the significant medium-term resistance at Rs 850, its medium-term trend remains down.

The stock's recent rebound can encounter resistances at Rs 735, Rs 762 and at Rs 790. But inability to surpass Rs 762 will pull the stock down to Rs 650 in the short-term. Conclusive breach of the key support level of Rs 650 will strengthen the stock's medium-term downtrend and drag it down to Rs 550 and then to Rs 490-500 range in the upcoming months.

Shipping Corporation of India (Rs 68.9)

Shipping Corporation of India plummeted 17 per cent, breaking through a key long-term support at Rs 80 and landed at its next key support band at Rs 67 and Rs 70. There has been an increase in volumes over the past four trading sessions. The stock's daily and weekly indicators are featuring in the oversold regions. A reversal from its key support band at Rs 67 and Rs 70 will lift the stock higher to Rs 75 and then to Rs 80 in the short-term. Resistances above Rs 80 are at Rs 85 and Rs 88.

The stock's intermediate-term trend is down from its October 2010 peak of Rs 202. Strong move above Rs 120 is required to turn this trend positive. The next important support is at Rs 60.

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