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Amidst volatility, the stock fell almost 2 per cent in the previous week. It has marginally breached the key support at ₹870 as well as 21- and 50-day moving averages. The stock can test this support and break it emphatically in the coming week. The indicators and oscillators are hovering in the neutral region with negative bias. Traders with a short-term perspective can make use of rallies to initiate short positions with a stop-loss at ₹875 levels. The stock can decline to ₹850 once again and then to ₹840. Further, break of ₹840 could pull it down to ₹820 or even to ₹800 in the medium term. On the other hand, there is a need to decisively break through the key resistance at ₹880 for an upmove to ₹900. The next important resistance is placed in the band between ₹930 and ₹940. Investors with a medium-term view can stay on the sidelines.
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