Tata Elxsi
TATAELXSI
has hardly corrected at all from its top and is close to its high on April 26.
With US dollar coming down with respect to Indian Rupee after a huge uptrend and IT sector also looking weak, looks like this stock is ripe for profit booking.
I can see a Double top formation here with negative divergence.
Good opportunity to short here with stop loss a few points above 1260 for a first target around 1100 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
TATAELXSI
has hardly corrected at all from its top and is close to its high on April 26. With US dollar coming down with respect to Indian Rupee after a huge uptrend and IT sector also looking weak, looks like this stock is ripe for profit booking.
I can see a Double top formation here with negative divergence.
Good opportunity to short here with stop loss a few points above 1260 for a first target around 1100 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.