The stock has been a strong outperformer against the broader indices. It recorded its 52- week low of Rs824 on 27 October 2008. Since then, it consolidated between Rs875-935 before making an upmove.
Daily chart suggest that the price movement since December 2008 till date has occurred in a broad Rising Channel between price levels of Rs1,028-1,440. However, as seen in the last few sessions, the stock has struggled to cross past the crucial resistance levels.
On Friday, the stock declined sharply from its intermediate top of Rs1,470. We expect the stock to decline towards the support of the ascending trendline in the coming sessions.
Traders can SELL the stock at current levels and on rallies to resistance of Rs1,415 levels for target of Rs1,330 and Rs1,310. It is advisable to maintain a stop loss of Rs1,440 on all short positions.