Last week, the stock was choppy and closed marginally on a negative note. It tests its 200-day moving average as well as a resistance at Rs.2050 levels. The indicators as well as oscillators on the daily chart are trending upwards, cushioning the ongoing near-term up move. Strong rally above the immediate resistance level of Rs.2050 will have bullish implications and take the stock northwards to Rs.2,150 and Rs.2,250 levels.
Traders holding their long position can continue while retaining the stop-loss at Rs.1950 levels.
Investors with a medium-term perspective can also buy the stock while maintaining a deep stop-loss at Rs.1,900 levels. A strong breach of the key level at Rs.2,250 can push the stock higher to Rs.2,350 in the medium term.
Nevertheless, a plunge below the significant support level of Rs.1,900 will strengthen the bearish momentum and drag the stock down to Rs.1,800 or Rs.1,700 in the medium term.
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