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The stock failed to break its significant resistance at ₹2,200; instead it declined 3 per cent last week. The short-term uptrend that has been in place since mid-December 2014 is losing momentum. The daily relative strength index has entered the neutral region from the bullish zone.
A fall below the immediate base level of ₹2,115 can pull the stock to ₹2,020. Hence, traders should tread with caution and initiate fresh short position on such a fall with a stop-loss at ₹2,150.
Further decline below ₹2,020 will mar the short-term uptrend and drag the stock down to ₹1,950, ₹1,900 and ₹1,800.
Conversely, an emphatic breakthrough of ₹2,200 can take the stock higher to ₹2,300 in the short term. Investors with a medium-term view can stay invested with a stop-loss at ₹1,800.
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