The stock has corrected sharply from an all time high of Rs342 in May 2008 to a low of Rs88 in October 2008. Since past few weeks, the stock consolidated between Rs121-188.
We believe the rebound from 2008 low is still in progress and further upside seems on the cards. The daily RSI is exhibiting positive divergences. The volumes have also shown smart increase in last few trading sessions.
We recommend traders to BUY the stock in the range of Rs201-206 for an initial target of Rs218 with a stop loss of Rs197.