This is an indication that the downslide could have halted. The fall from Rs 545 levels, which was representative of a sobre assessment before the current results were out has been substantial. Markets often react sharply.

While there is no denying that the results are bad, one needs to take into account the company's plans to fight back. Market may slowly recognise this.

In view of this background, it may be good strategy to pick the scrip now and in any slip to Rs 465, where it is likely to bit the bottom. The daily stochastics indicate a buy.