On the daily chart, the stock has been trading in a narrow channel of Rs67-82 from last four months after hitting Rs48 in October ‘08.
The recent spurt in the stock with hefty volumes along with positive daily oscillators indicates a fresh upmove might be on the cards.
In addition, Bollinger bands have narrowed and a break above the upper band at Rs75 could ignite a rally up to a level of Rs81-82.
We recommend traders to BUY the stock at current levels and on declines. A stop loss of Rs65 is recommended on every long position.