The stock hit a recent low of Rs950 in February 2010. Thereafter, it witnessed a rally to the current levels. The recent peak has proved to be major resistance for the stock as seen in the past.
Since February 2010 the stock has been trading along with the support of its short-term trendline. However, on Monday, it closed below the ascending trendline for the first time in last two weeks. Other momentum oscillators are in strong sell mode, suggesting build-up of momentum on the down side.
Keeping in mind the above-mentioned technical evidences, we recommend traders to sell the stock at current levels and on rallies to the levels of Rs1,030 with a stop loss of Rs1,045.
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