Hi Anoop Kumar. I am no expert however i am very passionate about using Wyckoff's methods and VSA and this is my interpretation of the chart.
http://img187.imageshack.us/i/asianpaints.jpg/
The lower horizontal line represents the highest price point that the stock made in May 2008. The higher horizontal line represents the consolidation zone which lasted for more than 2 months. This consolidation zone highlights Wyckoff's principle of Cause and Effect. The stock was building up a cause to break through the higher horizontal line and the effect was a successful breakout.
(1) After the break out the very next bar got its top tailed on a wide spread and the volumes were low.
(2) This bar struggled to close above the previous high which represented a potential resistance zone although the volumes picked up. So this confirmed one thing that selling was abundant as price moved up.
(3) This bar highlights the weakness present in the trading zone. Prices are at a all time high , there is nothing higher than the current level of the trading range and then suddenly the volumes have picked up and the spread is extremely narrow. In fact the bar has even struggled to make higher high's.The next bar is down however the volumes look like they are more than average which is why the stock has started moving sideways. The next bar looks like a no demand bar which also got its top tailed.
All these things combined together are a definite "Red Flag " for me and this looks like a Distribution Range. I would exit all my long positions here however i have been wrong before and i can and will be wrong again so the rest is up to you.
Good Luck and please keep us updated with the developments of this stock.
Cheers
Happy Trading