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The stock took support at ₹350 and reversed higher, gaining 5.6 per cent last week. But it is testing a key resistance at ₹370. This level needs to be decisively breached to alter the short-term downtrend and take the stock northwards to ₹378 and ₹390 levels in the medium-term.
In such a scenario, traders with a short-term perspective can buy the stock above ₹370 with a stop-loss placed at ₹365. The inability to breach the key resistance will keep the stock trading range bound between ₹350 and ₹370.
Both daily and weekly indicators are hovering in the neutral region implying neutral stance. Only a strong fall below ₹350 will strengthen the downtrend and pull the stock down to ₹340. Next key support levels are pegged at ₹330 and ₹315.
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