This scrip is forming Lower Lows and Lower Highs which is indication of weakness in it. Although it's getting good support at 1230-1240 range, if it breaks then it may fall sharply. So should be very careful(good risk management) while going long at this point.
swaroopthoppil
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@amallavr, True, but the S/R lines i drew was very crucial and price will have good reaction upon these zones too...
amallavr
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@swaroopthoppil, I agree. I'd extend resistance line to 1265 for little more accuracy.
1263 is Weekly Central Pivot which is acting as good resistance this week so far.
Whereas 1234 is Weekly Support-1 which is acting as good support this week so far.