The stock is attempting to break out from a Symmetrical Triangle pattern. The stock had been moving back and forth within the context of the Triangle from third week of February 2009.
In the above formation, it has converging trendlines that come together at an apex. It is considered a bullish set up. This pattern is marked by a series of lower tops and higher bottoms.
Moreover, on the daily chart, the price movements appear to have formed a higher bottom formation. A move past the levels of Rs858-860 will see the formation of a higher top, which will confirm the basic bullish set up.
The current breakout is likely to take the stock to the levels of Rs885 and above. We recommend traders to BUY the stock at current levels with a stop loss of Rs835.