Since encountering a key resistance at Rs.198 in July 2014, the stock changed direction and has been on an intermediate-term downtrend. However, it found support in the Rs.125-130 zone and began to move sideways. The presence of an important resistance at Rs.140 has kept the stock in check over the past two months.
Currently, the stock is testing the resistance level. An emphatic breakthrough of this resistance will pave the way for an up move to Rs.160 in the short to medium term.
To alter the intermediate-term downtrend, the stock needs to comfortably surpass the trend-deciding level of Rs.160.
In that scenario, the stock can trend upwards to Rs.175 and then to Rs.200 levels in the long term.
However, if the stock tumbles below the immediate support zone of Rs.125 and Rs.130, it will strengthen the downtrend and drag the stock down to Rs.110 or Rs.100 in the medium term.
Currently, the stock is testing the resistance level. An emphatic breakthrough of this resistance will pave the way for an up move to Rs.160 in the short to medium term.
To alter the intermediate-term downtrend, the stock needs to comfortably surpass the trend-deciding level of Rs.160.
In that scenario, the stock can trend upwards to Rs.175 and then to Rs.200 levels in the long term.
However, if the stock tumbles below the immediate support zone of Rs.125 and Rs.130, it will strengthen the downtrend and drag the stock down to Rs.110 or Rs.100 in the medium term.
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