The stock has been in a steady uptrend and the minor correction in the past few days appears to be an opportunity to buy the stock.
Long positions may be considered at Rs.89, with a stop loss at Rs.85, for a target of Rs.103.
This trade is based on the premise that the recent upward momentum would continue and that the buyers would step-in to accumulate the stock on every minor correction.
A breach of the stop-loss at Rs.85 would indicate that a much deeper downward correction is underway and would not negate the short-term bullish view or the possibility of a rally to Rs.103.
The stock has to fall below the recent swing low of Rs.77.60 to indicate reversal of the bullish trend.