The stock has bounced back sharply from its recent low of Rs195 recorded in October 2008, only to face resistance at its 200 DMA in first week of November. The immediate reaction took the stock towards the levels of Rs223.
Since then, it is moving along with the support of its short-term trendline. On Wednesday, it gave a close above its 200 DMA, it suggests that the stock is in uptrend and is being accumulated at higher levels.
In comparison to its peers, the stock has performed well in last few trading session. Also, other oscillators are showing a positive build up.
Based on above technical analysis, we recommend traders to BUY the stock at current levels or up to the level of Rs288 for an initial target of Rs305. It is advisable to maintain a stop loss of Rs272 on all the long positions.