The counter is bottoming out, but it is still in a downtrend. It is facing resistance at the 200-DMA at around Rs 1394. The overall structure of the counter will become impressive if it crosses 200-DMA moving average and also closes above Rs. 1400 levels. It has a demand zone near 1200, where a cluster of moving averages formed a base. On the upside, 1400 is an immediate susceptible area; above this, we can expect a run-up towards 1480+ levels in the near term," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.Read more:
