The stock broke out from a Ascending Triangle pattern. It had been moving back and forth within the context of the Triangle from third week of January 2010. In the above formation, two or more rising troughs form an ascending trend line that converges on the horizontal line as it rises. It is considered a bullish set up. Moreover, on the daily chart, the price movements have formed a higher bottom formation. The current breakout is likely to take the stock to the levels of Rs1,815 and above. We recommend traders to buy the stock at current levels with a stop loss of Rs1,710.
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