The stock hit a 52-week low of Rs240 levels towards the end of October 2008. Thereafter, it witnessed a smart pull back rally to a high of Rs469 in November 2008, before correcting back to Rs274 levels.
Since then, the stock has been moving steadily along with the support of its upward sloping trendline. Friday’s decline has seen the stock giving a breakdown from the above-mentioned trendline.
Other momentum oscillators are in strong sell mode, suggesting build-up of momentum on the down side.
Keeping in mind the above-mentioned technical evidences, we recommend traders to SELL the stock at current levels and on pull back to resistance of Rs360 levels with stop loss of Rs370 levels for target of Rs315 and Rs300.