The scrip proved to be a big disappointment yesterday by coming down sharply and erasing the gains made in the last few sessions. The continuation of the upmove is now under threat and investors must have a strict stop at 162. We shall look for a exit in the 185-190 range. Avoid fresh longs today. The scrip moved up with a gap yesterday and did not permit an entry.
Investors can look for taking positions if that support holds.
Continue to hold to longs with stop at 550. For the uptrend to gain momentum, the scrip will have to break past the 600 level upon which fresh longs can be considered. The scrip slipped into an intermediate downtrend after peaking at 309 in January 1999 and hit a low of 175 last month. Since then, the scrip has staged a marginal recovery and has been consolidating itself in the 180-190 range. The price action in the last few sessions suggests that a minor upmove is in the offing.