The stock has rallied smartly from a low of Rs97 last week to the present levels. Despite the ongoing volatility in the market, the stock has managed to hold on to the support of its short-term trendline.
On the weekly charts, it has formed a pattern of a higher bottom. The daily RSI is already in strong buy mode, indicating that the prices are set to rally from the current levels.
The stock is trading above its 26-DMA, placed at around Rs104. A sustained move past the Rs107-108 levels will see the stock heading towards the levels of Rs120 in the medium term.
We recommend traders to BUY the stock between Rs103-108 levels for an initial target of Rs117 with a stop loss of Rs100.