The stock has seen a severe correction from the levels of Rs1,400 in August 2008 to a low of Rs276 in March 2009.
This was a panic bottom and the stock rallied higher without a retest of this low. On the daily charts, the price movements appear to have formed a higher bottom formation. On Thursday, the stock attempted to break out from last one-week trading range.
The bullish formation is confirmed after the stock gave a close above its short-term moving averages.
Traders can BUY the stock at current levels and on dips up to the levels of Rs525 with a stop loss of Rs515 for a short-term target of Rs565 in the coming trading sessions.