The stock has been in an uptrend since Feb. 14. In the attached daily chart, it is apparent that the rally was halted at the green resistance line, a couple of days ago. A minor downward correction to the support level at Rs.255-258 appears likely.
Long positions may be considered on a dip to this support level, with a stop loss at Rs.241. The first target is Rs.290 and the major target-cum-resistance is at Rs.320.
The aggressive short-term traders may smell shorting opportunity in the potential fall to Rs.255-258 range.
While there is merit in considering this short trade, the caveat is that it’s a counter-trend trade and is therefore risky. Always try to take trades in sync with the underlying trend.