Previously the stock made a CUP & HANDLE pattern in daily timeframe. It was facing resistance @1175-1200 range, then it broke that resistance with enormous Volume and made a new high. Now it is coming back to the breakout level for the first time, which might provide us with a good long opportunity.
For added confluence 1. RSI is below 40 (which will fall a bit as the stock approaches 1180 - 1200, CMP/LTP 1221). 2. 100 Day EMA is near 1170.