The stock has broken down from a descending triangle pattern on the daily charts in Monday’s trading session. The above pattern is bearish in nature and suggests more downside in the coming trading sessions.
The stock had been moving back and forth within the context of triangle from the second week of November 2008. The daily oscillators are also indicating building up of the momentum on the downside.
We recommend traders to SELL the stock at current levels and on rallies to the levels of Rs248 for an initial target of Rs227. It is advisable to maintain a stop loss of Rs256 on all the short positions.