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There was a strong reversal from the trough at Rs 146 last week and contrary to our expectation, the stock moved higher to the peak at Rs 193.

A strong bullish engulfing candle was formed in the weekly chart and this spike was accompanied by a spurt in volumes as well.

The rally can sustain to pull the stock higher towards Rs 212.

Downward reversal below this level would mean that the downtrend would resume to pull the stock lower towards Rs 146 again.

Conversely, a move beyond Rs 212 would bring the next target at Rs 250 in to play.

Medium-term outlook will turn positive only on a weekly close above this level.

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