Buy and Hold at Rs307, Target Rs330On the daily chart, the stock broke out from a Symmetrical Triangle pattern. A positive breakout from the pattern indicates upside in the coming sessions. The stock price was consolidating within the triangle in the range from the third week of January 2010. On Wednesday, the stock closed above the upper trendline of the symmetrical triangle and well above its short-term moving averages. The daily MACD is in buy mode, whereas the daily RSI has generated a crossover buy signal. We recommend traders to buy the stock in the range of Rs304-308 for an initial target of Rs330. It is advised to maintain a stop loss of Rs295 on all the long positions.
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