The stock has also formed double bottoms. After bottoming out at Rs 2,876 in February, the second bottom was formed at Rs 2,864 in June.

The moving averages are in positive mode. The position of oscillators is also encouraging. The 21-day RSI is close to its 52-week high, suggesting the bullish momentum. Similarly, the medium term MACD is also above the triggerline and is hinting at bullish outlook. The average trading volumes have also shown steady improvement in the recent past.

All these factors are nothing but pointers toward a bullish outlook. The current rally can last up to the level of Rs 6,250 where it faces strong resistance. Long position can be taken at the current level. Keep a stop loss at Rs 4,500.