In the Nifty pack, 22 stocks closed in the green, while 28 stocks ended in the red.

Last month, another brokerage HDFC Securities in its report gave an 'Add’ call on the stock for a target price of Rs 260 per share. The brokerage said it expects the stock to emerge as a major beneficiary of the favourable industry dynamics in India and continue to outperform Europe, given its lean cost structure.

The Nifty50 formed a bullish candle for the third consecutive day. Supertrend indicator also triggered buy on September 13, and the Golden Cross was recorded on September 9 on the daily charts.The market closed with cuts despite the pullback from crucial support placed at 17,800. A bounce back from lows suggests that bulls are not ready to give up just yet.

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Bank Nifty continued to remain strong. On the daily chart, the index remained above the previous swing high. The momentum indicator RSI is in bullish crossover. Going forward, the trend is likely to remain positive as long as it remains above 41,000. On the higher end, the index may move towards 42,000.

"We expect gold prices to trade sideways to up for the day with COMEX spot gold support at USD 1,690 and resistance at USD 1,720 per ounce. MCX Gold October support lies at Rs 49,900 and resistance at Rs 50,500 per 10 grams," Patel said.