On the weekly chart, the stock formed a Hammer last week. It is considered a bullish reversal pattern.
As per the formation, the stock tends to open higher, but it fails to sustain at the top leading to a sell-off, which is followed by a sharp recovery that brings the stock near to its opening level.
Moreover, the above candlestick pattern has occurred after a sustained downtrend, which brought the stock lower from the levels of Rs368 to a low of Rs179 in last 10 months.
Other supportive indicators such as moving averages and RSI are also suggesting an uptrend from the current levels.
We recommend a short-term delivery BUY for a target of Rs220. It is advised to maintain a stop loss of Rs196.