In our review of this stock in August this year, we had indicated that the medium-term range for the stock was between Rs 105 and Rs 170. Key medium-term support was, however, indicated at Rs 88. The stock is currently testing the lower boundary of this range. Investors can hold the stock with stop at Rs 85. Fresh purchases can also be made on a decline below Rs 100 with same stop. However, investors should stay away from this counter should the stock decline below Rs 88 for that would make the medium-term view negative, paving the way for a decline below Rs 50.
Medium-term targets for the stock would be Rs 130, Rs 150 and Rs 180. Long-term view for the stock will turn positive only on a close above Rs 210.
Source : Businessline.com
OUR RECOMMENDATION :
The scrip is finding good support around 100 levels and is finding it difficult to go through 170 levels. This present excellent trading opportunity to buy below 100 levels keeping a stop loss at 90 and exit at 165 which gives you an upside of 65% holding period of 9-12 months