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Last week, the stock conclusively breached its crucial resistance at ₹900, but encountered hurdle at the subsequent resistance at ₹925. It has gained 3 per cent in the last week. The stock is hovering around a short-term trend deciding level.
The stock is trading above its 21- and 50-day moving averages.
The indicators in the daily chart are on the brink of entering the positive territory from the neutral region.
A strong break-out of the key resistance at ₹925 will change the stock’s short-term trend into bullish and take it higher to ₹945 and ₹960.
As long as the stock trades above ₹900, the bullish momentum will remain in place.
Traders with a short and medium-term perspective can buy the stock with a stop-loss at ₹890.
A decisive fall below ₹900 can pull the stock down to ₹860 and then to ₹840.
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