The stock had been facing stiff resistance around the levels of Rs229 from last few trading sessions. On Thursday, the stock overcame the crucial resistance levels.
The upmove was accompanied with heavy volumes. Infact, the volumes recorded were the highest in over two weeks.
Moreover, on the weekly chart, the price movement has formed a higher bottom formation. A move past the Rs232 levels will see the stock approaching levels of Rs245-250, which will confirm the basic bullish set up.
We expect the stock to rally in the medium term. Traders can BUY the stock in the range of Rs224-232 for a target of Rs248. It is advisable to maintain a stop loss of Rs218.