Formation of a minor double top
was seen around 750-mark and after that the stock has seen an extended corrective move taking it well below the 200-DMA
mark. Though the trend may not reverse, but the stock is set to see some technical pullback. An attempted to reverse the trend has been with some consolidation that was seen in the 560-575 zones. Daily MACD
remains in continuing buy mode while RSI
continues to remain neutral. A fresh buy signal has emerged over Stochastic
on the Weekly Charts with a bullish divergence
against the price. The stock is seen improving its performance when compared against the Metal Index. Metal Index has shown sign of some up move. Some upward revision in prices cannot be ruled out.