The stock has been a strong outperformer in last few trading sessions. The daily chart suggests that recent rally has run into resistance around the levels of Rs98-101.
In fact, the stock has seen a smart pullback from the levels of Rs66 from the last week of January 2009 to the current price levels.
On Tuesday, the stock price moved below its previous open and is currently struggling to breakout from the top of a trading range.
The candlestick pattern creates a potential short-term reversal. A break below Rs97 levels will see the stock correcting for potential target of Rs92 and Rs90. Traders need to maintain a stop loss of Rs104.5 on all short positions.