Daily chart suggests formation of higher bottom. The stock corrected from a high of Rs557 in first week of July 2009 to a low of Rs401. Since then, the stock has rallied up to the current levels without a retest of this low.
On Wednesday, the stock attempted to break out from the downward movement. The bullish formation will be confirmed above the levels of Rs434.
Traders can BUY the stock in the range of Rs429-437 with a stop loss of Rs420 for a short-term target of Rs450 in the coming trading sessions.