The stock has been consolidating in a narrow range between the levels of Rs130-156 for last two weeks after recording a spectacular rally during the start of March 2009. During which the stock witnessed a rise from the levels of Rs180-160 levels.
We expect the stock to bounce back from the lower-end of the trading range mentioned above. The daily RSI is already in strong buy mode.
It closed above all its key daily moving averages. A move past the levels of Rs140 could take the stock towards the levels of Rs155 and Rs158 levels in the short-term.
Keeping in mind the above-mentioned evidences, we recommend high-risk traders to BUY the stock between Rs135-139 with a stop loss of Rs127 for an initial target of Rs155.