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Encountering resistance at ₹380, the stock reversed direction and fell 2.6 per cent last week. The reversal is backed by negative divergence in the daily relative strength index. The daily RSI has entered the neutral region from the bearish zone. Other indicators are weakening. Also, there is a decline in daily volumes. Traders with a short-term horizon can consider taking profit off the table at this juncture. Fresh short position is recommended only on a decisive fall below the immediate support level of ₹355 with a stop-loss at ₹365. Targets are ₹350 and ₹340. Nevertheless, to strengthen the short-term uptrend, the stock needs to decisively break the key resistance level of ₹380. Such a break can push the stock upwards to ₹390 and ₹400 levels. Subsequent resistance is at ₹420.
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