Tata Elxsi has been a market darling with a strong rally from 480, the Covid lows to high of 10700 few weeks back. Post the top of above 10000, it has been showing weakness and yesterday broke below a head and shoulders bearish pattern with a gap down. Its poised to break below its sacrosanct 200 dema too. disc: no positions, but was under watchlist for any topping pattern post the spectacular run up. On fundamental side, valuations seemed too stretched.
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