On the daily charts, the stock has hit a resistance of Rs259 and has started a downward reaction. Chart patterns suggest more under-performance after the stock gave a close below its 26-DMA on Monday.
The daily MACD is in continued sell mode, whereas the daily RSI has generated a crossover sell signal indicating the weakness in the trend.
We recommend traders to SELL the stock up to the levels of Rs231 for an initial target of Rs210. It is advisable to maintain a stop loss of Rs235 on all the short positions.