On the daily charts, the stock has given a downside breakout from a consolidation range. The stock had been consolidating in the narrow range of Rs380 to Rs444 since the third week of January.
On Friday, it fell below the lower range of this trading pattern. Moreover, it has formed a bearish engulfing pattern on the weekly charts. Selling pressure is likely to intensify in the coming sessions and the stock could attempt the November low of Rs352.
The daily oscillators are indicating building up of the momentum on the downside. We recommend traders to SELL the stock at current levels and on rallies to the levels of Rs377 for an initial target of Rs353.
It is advisable to maintain a stop loss of Rs382 on all the short positions.