It is in a strong uptrend since December 2016. It is moving higher with the support of its rising trendline which coincides with the support of 21-weekly EMA, wherein every decline is met with buying interest. Action of last five weeks could easily termed as contraction within a triangle pattern. Any kind of consolidation in an uptrending stock tends to break on the upside.

It confirmed a positive break in Thursday’s trade which suggests that the stock has resumed its prevailing uptrend following a phase of congestion. Harmonics suggests that it is currently in the last leg of ABCD pattern. Last leg tends to be explosive in nature. So, a swift upmove is expected in the near term. Based on above rationales, we advise traders to create longs above Rs1,285 with stop loss of Rs1,240 for target of Rs 1,390.