However, if one were to go by the recent performance, the stock seems to be heading for a new 52-week low.

The stock has broken an important level of Rs 119 last week. In the process, it has also dipped below the 4-month trendline which was a negative sign.

With this, the stock has entered into a negative trend. The momentum of the fall also reduces the chances of a support at Rs 103. In fact, the oscillators have already touched year's low which confirms this fear.

The outlook for the stock would further worsen once the stock dips below Rs 103 level. The stock can be short-sold on every minor rally. The outlook for the stock would remain negative until the level of Rs 122. This level should also be used as the stop-loss for medium term short-sellers.