On the daily charts, the stock has formed a pattern of Symmetrical Triangle. From the second week of February 2009 till date, the stock has been moving back and forth within the context of the triangle.
On Monday, the stock attempted to break below the support of its short-term trendline. The daily MACD is in continued sell mode, whereas the daily RSI has generated a crossover sell signal indicating the weakness in the trend.
We recommend traders to SELL the stock up to the levels of Rs99 for an initial target of Rs91. It is advisable to maintain a stop loss of Rs101 on all the short positions.