Daily chart of the past three weeks suggests formation of distinctive pattern, which signals short-term rally. In fact, the last couple of trading weeks represents a high level bullish congestion area between Rs158-173.
We believe that the current bullish consolidation is likely to lead to a potential upside up to the levels of Rs190 and above.
Technically, the stock is showing strength along with the momentum, and given the positive oscillators set-up, the stock could outperform as long as it sustains above short-term moving averages placed around Rs163.
We recommend traders to BUY the stock for a short-term target of Rs191. It is advisable to maintain a stop loss of Rs162.