The stock was volatile last week, testing the key zone between ₹258 and ₹260 and fell 1.5 per cent. Though the stock has marginally closed below this support, it continues to test it. Only a strong breakthrough of this support zone will strengthen the stock’s downtrend and drag it down to ₹250 and then to ₹241. The subsequent key support is at around ₹234. Traders with a short-term perspective can initiate short positions on a decisive fall with stop-loss at ₹264. Both the medium and short-term trends are down. Investors with a medium-term view should stay on the sidelines for the time being. An upward reversal from the current zone can keep the stock trading sideways in a wide range between ₹258 and ₹290. Immediate resistances are at ₹270 and then at ₹280 levels.
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