Last week, the stock surged 2 per cent and positively moved out of the sideways range between ₹985 and ₹1,018. Both the medium and short-term trends are up for the stock. The indicators in the daily chart hover in the positive terrain, backing the stock’s on-going up move. The stock can witness some volatile movement ahead but is likely to keep the uptrend intact to test the key resistances at ₹1,035 and ₹1,050 levels.
Traders with a short-term view can consider holding their long position with a stop-loss at ₹1,007. But a decisive fall below the important support level of ₹1,000 can pull the stock down to ₹980 and then to ₹960 levels. Investors with a medium-term perspective can stay invested as long as the stock trades above ₹940 levels. Stop-loss can be placed at ₹930. Next significant resistance above ₹1,050 is at ₹1,075 level.
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