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After testing the key resistance band between ₹350 and ₹355, the stock plunged 7 per cent last week. A conclusive breach of ₹340 has turned the ongoing decline into a clear short-term downtrend which can extend and test the support in the band between ₹310 and 315. An emphatic fall below this band will strengthen the bearish momentum and drag the stock down to ₹295 and then to ₹285 in the medium term. The stock trades well below its 50- and 200-day moving averages. Indicators and oscillators in the daily chart are featuring in the negative territory, backing the downtrend. Traders can initiate short positions on rallies with stop-loss at ₹330. A strong rally above ₹330 can take the stock higher to ₹335 or ₹340 levels. But to reinforce bullish momentum, the stock needs to break through the ₹350-355 band.
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