southbank – bullish engulfing

Respected Dinesh Kumar,
Your finding of bullish engulfing candle is correct.
I have some doubts about the entry as the stock is in the range bound market and ideally bullish reversal pattern should form a significant down trend of minimum 4 to 5 candles. In this case the stock is in the side ways trend.
Volume of yesterday appears to be because of the quarterly results, which were declared yesterday.
There is strong resistance to the stock between Rs. 27 to Rs. 27.25. On 14/05/2018, the stock cleared it on intraday basis, but failed to close above the Rs. 27.25.
I would not take the position at this juncture
Thanks and regards,
Dr. Bhushan.