BUY AND HOLD AROUND Rs870-880,
Target Rs900 & 930 PLUS
The stock has seen a severe correction from the levels of Rs1,668 in June 2009 to a low of Rs681 in November 2009. This was a panic bottom and since then it has rallied higher without a retest of this low. On the daily charts, the price movements appear to have formed a higher bottom formation. On Monday, the stock broke out to break out from last one-week trading range. The bullish formation is confirmed after the stock gave a close above its short-term moving averages. Traders can buy the stock at current levels and on declines to the levels of Rs870-880 with a stop loss of Rs864 for a short-term target of Rs930 PLUS in the coming trading sessions.
