On daily chart, stock has formed double bottom around 320-340 level acting strong support downside and lifting the stock from there. It also forming higher bottoms and tops indicating some bullish trend in short term though on medium to long term it still looks bearish. Stock recently formed a base as seen in the chart which should act as an immediate support. It also managed to close below all its key moving averages except 20 DMA which is at 426.
Stock can be accumulated for short term target of 460-480.
Stop loss at 410 recommended.
CMP - 424.5 as on friday 10 aug 12
