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The stock extended its rally for the second consecutive week to close higher by 2.9 per cent for the previous week. Key resistance is at ₹3,800. A decisive break of this level will reinforce bullish momentum. In the scenario, short-term traders can go long with a stop-loss at ₹3,680. The stock can trend to ₹3,950 and ₹4,000. However, inability to breach ₹3,800 can trigger a downward reversal and pull it lower to ₹3,700 and ₹3,600. This will confine it to the ₹3,550-₹3,800 range for a few weeks. Investors with a medium-term perspective can prolong holding their long positions with a stop-loss at ₹3,150.
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