On the daily chart, the stock is attempting to break out from a Symmetrical Triangle pattern. A positive breakout from the pattern indicates upside in the coming sessions.
The stock price is consolidating within the triangle in the range from the third week of May.
On Tuesday, the stock closed above the support of lower trendline of the symmetrical triangle and well above its short-term moving averages. The daily MACD is in buy mode, whereas the daily RSI has generated a crossover buy signal.
We recommend traders to BUY the stock in the range of Rs217-223 for an initial target of Rs240. It is advised to maintain a stop loss of Rs212 on all the short positions.