The stock has posted a higher bottom. During the first week of November, the stock had made a bottom at Rs 52. From here, it had shown a rally to Rs 68 which later become a resistance. Last week, it made a higher bottom at Rs 57, and has managed to cross its immediate resistance of Rs 68.

This is an extremely bullish signal for its technical position and hints at a bullish outlook. One can take a long position at the current level for medium term gains. The stop loss should be used at Rs 57. On the upper side, the stock has a resistance at Rs 83.