Aurobindo Pharma, on February 23, announced that the US FDA had imposed a ban on shipments from one of its unit; following which the stock tumbled 17 per cent. It has plummeted 26 per cent over last week accompanied with heavy volumes and is currently testing its significant long-term support band between Rs 155 and Rs 165.

Medium-term trend is down for the stock from its life-time high of Rs 275 marked in January 2011. Nevertheless, reversal from its long-term support will lift the stock higher to its immediate resistance level of Rs 183. Subsequent resistance is at Rs 200. Only a strong close above Rs 240 will mitigate this downtrend.

On the there hand, emphatic dive below the mentioned support band can drag the stock further down to Rs 134 and then to Rs 118 in the medium-term.

MphasiS (Rs 448.4)

MphasiS nose-dived 31 per cent or Rs 203.8 over last week triggered by disappointment over the company's earnings. The stock plunged 28 per cent forming a large downward gap accompanied by extra-ordinary volume, breaking through a significant long-term support at Rs 550.

Since recording its all-time high of Rs 796 in November 2009, the stock has been on an intermediate-term downtrend. However, as the stock has declined steeply and its daily as well as weekly indicators are featuring in the oversold territory, we don't rule out a corrective rally to Rs 467 and then to Rs 490-510 range in the short-term. Failure to move above Rs 467 will result in the resumption of its downtrend and it can decline to Rs 410 in the medium-term. Strong decline below this support will pull the stock lower to Rs 335-350 band. Significant medium-term resistance for the stock is pegged at Rs 550, which is the floor of the recent gap.

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