Despite seeing a steady declining trend last week, the stock managed to hold on the crucial levels of Rs863-870, amid extreme volatility. The short-term trendline is acting as a strong support since last week of November 2008.
The stock has bounced off from the above-mentioned levels on two occasions. As and when there is a burst of short covering, it could rise again till around Rs955-965.
It has the potential to move till Rs970 before it runs into resistance. Maintain a stop loss of Rs885 and go long. Increase the position if it closes above Rs945.