The stock's 3 per cent surge on Friday has helped it to recover and trim its weekly loss to Rs.5. The stock was choppy and formed a spinning top candlestick pattern, signalling indecisiveness in its Q2 results due on October 12. The stock is on an uptrend across the time frames — long, medium and short.
Further, the short-term uptrend is intact. Nevertheless, the stock now tests a key medium-term resistance level in the band between Rs.1,170 and Rs.1,180. A strong break-out of this resistance can reinforce the bullish momentum and accelerate the stock to Rs.1,200 and Rs.1,220 levels.
Traders with a short-term horizon should wait and initiate long position on a strong rally above Rs.1,180 levels while maintaining a stop-loss at Rs.1,165. Immediate supports are at Rs.1,130 and Rs.1,100. The short-term uptrend will mitigate on a decisive fall below Rs.1,060 levels.
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