The stock has formed a Flag (Bearish) pattern, suggesting that the current downtrend may continue.
The above-mentioned pattern, follows a steep, decline in price, and consists of two parallel trendlines that form a rectangular flag shape.
The stock traded sideways, between the levels of Rs579 and Rs618 for last two weeks after a sharp drop in price from the recent peak of Rs694.
The stock consolidated such a steep drop and in our opinion has again begun its downward direction after giving a close below the lower (support) ascending trendline.
Other momentum oscillators also suggest a negative set-up in the price formation. We recommend traders to SELL the stock at current levels and on rallies to the levels of Rs574 with a stop loss of Rs580 for an initial target of Rs545.