On the daily chart, the stock has bounced back from its multiple support levels of Rs170-174. Last few months have seen the stock moving in a narrow range of Rs172-196.
If the stock is able to give a close above the levels of Rs195, it is likely to see a rally up to the levels of Rs205 in the short-term.
We recommend traders to buy the stock between the price levels of Rs184-187 for a short-term target of Rs205. It is advisable to maintain a stop loss of Rs179.
With other oscillators also suggesting a positive formation, the above can be seen as a warning sign for shorts to anticipate a substantial rally.