There is a lot of institutional support as may be deciphered from price moves. I have been watching this stock very carefully since Q4 results had been out. It could successfully cross 50 DMA despite poor results. Now price is consolidating at and around 100 DMA for about 14 sessions. May be price is eyeing for 200 DMA. My observation for last 15 days corroborates this view. At present bulls have created strong support position at 260 PE (highest OI) strike. Bears are sitting meekly at 300 CE strike. 200 DMA (280) will be the turning point as that will set the tone for the long term trend.
Comment:
I forgot mentioning one more point. If price can be pushed up towards 200 DMA (280) , there will be negative divergence developing which will caution the bulls. At that level, we expect some consolidation.