During the third quarter of this year, it fell from Rs 93 and made a bottom of Rs 70. From this level, it rallied upto Rs 88. Since this rally was nothing but a correction to its previous fall, it could not sustain and the stock declined steadily thereafter. The price should have taken a support at Rs 70. But attemps of a bounce back from this level failed and it dipped below this level. Indicidently, the penetration of this level has been supported by huge volumes. The next support for the stock is far below the current level.

The position of oscillators like RSI and MACD is equally bearish. The moving averages are also in the negative mode. Since the short-term outlook appear bearish, an exit is recommended at the current level. Re-entry can be considered later.