On the daily charts, the stock has given a downside breakout after giving a close below the support of its ascending trendline.
From the lows of Rs306 in December 2008, the stock staged a smart rally towards the levels of Rs490-500, which has acted as a major resistance in last few sessions.
The stock has been struggling to close above its critical resistance levels from the start of the month. The daily MACD has generated a crossover sell signal, suggesting build-up of momentum on the downside. Selling pressure could intensify in the counter below the levels of Rs453.
We recommend traders to SELL the stock at current levels and on rallies to the levels of Rs464 for an initial target of Rs435. It is advisable to maintain a stop loss of Rs471 on all the short positions.