The long-term support band between Rs 195 and Rs 200 provided support for the stock in late March and also in mid May. Taking support from this band the stock jumped seven per cent with high volumes on May 24, triggered by positive divergence in daily relative strength index and price rate of change indicator. Daily stochastic Oscillator has displayed positive divergence.

The weekly RSI has also entered in to the neutral region from the bearish zone. Daily price rate of change indicator has entered in the positive territory signalling buying interest. Taking a contrarian stance on the stock we are bullish on it from a short-term perspective. We expect it to move upwards until it hits our price target of Rs 215 or Rs 223.5 in the days ahead. Traders can buy the

Our Recommendation :

The scrip appears to have bottomed out and is ripe for picking at this point. BSE Pharma Index and the outlook remain positive. The following data shows the abysmal returns for the investors.