The stock has seen a sharp fall in prices from the levels of Rs2,129 during second week of August 2008 to a low of Rs824 in October-end 2008. Thereafter, it rallied to a high of Rs1,389 last week on huge expansion of volumes.
However, stock has struggled to cross the above mentioned levels in last few trading sessions.
On Wednesday, it closed below its short-term moving averages, which suggest that the stock is set to decline. A break below Rs1,275 levels will see the stock correcting for a potential target of Rs1,200 and Rs1,180 levels.
Keeping in mind the above mentioned technical evidences, we recommend traders to SELL the stock at current levels and on rallies to resistance of Rs1,310 levels.
A stop loss of Rs1,325 is recommended on all short positions.