Tata Elxsi’s stock price has formed an inverted cup and handle pattern on monthly charts, and we could see targets of 4,350, with 5,711 as the stop-loss on a closing basis.
Note: Consult your financial advisor before taking any action, as the levels shared are for learning purposes only.
Our view on Nifty is that it might have formed a double top pattern, and all other indices, including Sensex, Midcap Nifty, Bank Nifty, and FinNifty, remain bearish (as the last leg of the fall is still pending).
We believe the recent bottom has not yet been formed, and another leg of the decline is likely. However, markets are supreme, and we would change our view if the markets sustain above 23,860 for two consecutive closing sessions.
