Post announcement of Veritas report in August this year, the stock dropped from 53-55 Rs levels to 44 from where it accelerated back to 55 Rs, thanks to short-covering and renewed positive sentiments in the broader market.
Though the stock has reached the pre-crash levels from where we saw institutional selling coming in the stock. Since the company has heavy FII holdings, so we again might see some institution paring its stake in the company.
Also, the rise has been phenomenal of around 30% from the lowest level and we might see it facing some resistance at around the current congestion zone of 54-57 Rs.
RSI Indicator too has too reached close to over-bought zone, currently at around 70 levels. Thus, the stock becomes a short-term sell with possible target levels of 53.5 and 51.5. The stop-loss can be placed above congestion zone of 57 at 57.5
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