Stock has recently given breakout after sideways movement that last for 9 months and finally ended in January 2012. Now stock has sustained well in new territory making Head and Shoulder pattern and given breakout from that pattern 4rth June 2012. Stock is in strong bullish momentum since last 4 trading sessions and making gap ups on daily chart so some correction may come before stock continues its upward journey. Stock is well above 20, 100 and 200 DMAs which is bullish sign but stock is still below its 50 DMA at 319 which is slight concern.
Traders can buy stock on CMP (316 on 7 jun 12) or on dips till 310 with stop loss at 300 and short tarem target of 330 and medium to long term target of 345 stop loss for long term should be at 295.
