Observation: A major resistance breakout at Rs 195, followed by consolidation and a breakout thereafter at Rs 200.
The stock hit above Rs 201.40 on a closing basis for the first time after December 2015
At present, the stock has given a consolidation breakout, hitting new 52-week high at Rs 208.50 with rising volumes.
The stock sustained above the support at 21-day
EMA level of Rs 184 during consolidation.
The daily 14-day RSI is quoting at 68, which suggests some more momentum.
The levels of Rs 195, followed by 192, will act as strong supports.
Conclusion: Considering a justifiable prolonged consolidation breakout, we recommend buying this stock in the range of Rs 206.50-203.50 for target price of Rs 222, followed by Rs 231, with stop loss at Rs 195 level.