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Recently, the stock registered a fresh all-time high of Rs 2,856.15 but due to weak market conditions, it corrected sharply. On last Thursday, the stock broke the short-term support level of Rs 2,680 and after a long time, it closed below the 20-day SMA which is broadly negative.
For traders, now the 20-day SMA or Rs 2,700 would act as a trend decider level. If the stock starts to trade below the same, then there are high chances of a quick correction till Rs 2,650-2,600 is not ruled out.
On the flip side, a fresh uptrend rally is possible only after a close above Rs 2,700. Above which, the stock could retest the level of Rs 2,780-2,825.
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