The stock saw an impressive rally from Rs108 levels in the first week of March to Rs230 levels in last few trading session. The sharp pullback from the March lows has seen the stock facing stiff resistance around Rs230 levels.
The daily RSI as well as is exhibiting weakness. It has also given a close below its short term moving averages, indicating weakness in the counter.
We expect the stock to come under pressure in the coming days and head towards Rs180. Traders should between SELL the stock between Rs200-205 with a stop loss of Rs212 for a downside target of Rs180.