Current Observation: The stock, after registering a high of Rs 159.75 on June 19, 2017, entered into correction phase. Thereafter, the stock made a low of Rs 129.
At present, the stock has witnessed breakout of downward sloping trendline joined from the high of Rs 159.75, along with higher volumes.
The stock has been trading above its important moving average, i.e. 100-day EMA.
The daily 14-day RSI is trending up and is in a bullish zone.
The level of Rs 142 is likely to act as a strong support and this could be maintained as a stop loss for long positions. On the upside, the stock is likely to touch the levels of Rs 155-160.
Conclusion: Considering the breakout of downward sloping trendline and the stock trading above its 100-day EMA, we recommend buying this stock for the target price of Rs 155-160 with stop loss at Rs 143 level.