The stock broke out of a 3 week trading range on Thursday's session with satisfactory volume expansion. Going by the Elliot wave structure, the stock is currently in wave III of(III) of 3(ignore the labeling if you don't follow Elliot wave theory).The current wave is projected to reach close to the INR 240 zone.
INR195-200 has been a resistance for the stock for past 3 and half months. But with vol. picking up and range break-out just at the resistance the stock seems to be well-equipped for a strong breakout above INR 200 this time around.
On the downside INR 185 will be proving to be a crucial support for the stock.
CMP 193.8 Target 1- 213 Target 2- 240 SL - 185
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stock is seen breaking out of 195 resistance zone intraday.