The stock has formed a higher bottom. The stock had boomed out at Rs 25 during the last week of April, whereas the second bottom was established at Rs 29 during the first week of this month.

The trading volumes have also jumped almost ten-fold in the past two months on this counter, which is a positive sign. The short-term moving averages have also entered into a positive mode.

Long position can be taken at the current levels. For that, the stop loss should be kept at Rs 34. For medium term investors, the level of Rs 29 should be kept as a stop loss.