The stock has been a strong outperformer in last few trading weeks. The daily chart suggests that recent rally has run into resistance around the levels of Rs1,625.
In fact, the stock has formed a Harami White on the daily chart. Such a pattern is an indication that the previous upward trend is coming to an end.
On Tuesday, the stock price struggled to breakout from the top of a trading range. The above candlestick pattern creates a potential short-term reversal.
A break below Rs1,565 levels will see the stock correcting for potential target of Rs1,515 and Rs1,500. However, it is advisable to maintain a stop loss of Rs1,625 levels on all short positions.