Since June 2009, the stock has faced stiff resistance around the levels of Rs240, unable to cross its June 2009 peak.
On Thursday, the stock fell below the support of its ascending short-term trendline and also closed below its near & short term averages. The daily MACD is already in sell mode suggesting build-up of momentum on the downside.
Based on above events, we recommend traders to SELL the stock between the level of Rs225-217 for target of Rs208.
A stop loss of Rs230 is recommended on all short positions. Traders can again initiate short positions on a close below Rs212.