The stock has been trading in a trading range of Rs220-290 from December 2008. On Thursday, it fell towards the support of its lower trendline and closed below its near & short term averages.
On the weekly chart, the stock has broken below the small consolidation pattern. It presents great opportunity for the traders to jump in on the downtrend. An occurrence of this event indicates further selling and continuation of the downtrend.
We recommend traders to SELL the stock between the levels of Rs244-250 for an initial target of Rs228. It is advised to maintain a stop loss of Rs255 on all short positions.