The stock has rallied smartly from a low of Rs107 in early March 2009 to the present levels. On the weekly charts, it has formed a pattern of a higher bottom. It is considered as the initial sign of a bottoming out process in the short term.
The daily RSI is already in strong buy mode, indicating that the prices are set to rally from the current levels.
However, the upside has consistently faced resistance around the levels of Rs190. Any move past the levels of Rs190, could see the stock attempting the levels of Rs203-206 in the short-term.
We recommend high-risk traders to BUY the stock at current levels with a stop loss of Rs177.