The stock has been moving in the upward sloping channel since the beginning of November 2008.
On Monday, it attempted to break below the lower boundary of this channel and closed below its short-term moving averages.
It is now down by over 15% since its 2009 peak of Rs214. A fall below Rs176 could see the stock collapsing towards the levels of Rs168 and below in next few trading sessions.
The daily MACD is in continued sell mode, whereas the daily RSI has generated a crossover sell signal indicating the weakness in the trend.
We recommend traders to SELL the stock up to the levels of Rs185 for an initial target of Rs170. It is advisable to maintain a stop loss of Rs189 on all the short positions.