On the daily chart, the stock has been consolidating within a broad range of Rs475-526 since the last four months.
However, the current trend indicates some weakness; we expect the stock to re-test its lower range. The daily momentum indicators RSI and MACD are indicating a bearish trend. In addition, the news flow for the sector continues to remain negative.
Traders can SELL the stock at current levels for a short-term target of Rs480, 475 with a strict stop loss of Rs512.