In my understanding, this is a descending triangle pattern where the price will tend to push below the base of the triangle. The reason given for this is once the price hits the first low and bounces back, that low becomes the buying price for many traders, therefore every time the price hits that target there is buying and it bounces back but little less every time. Eventually as you saw the price will fall below the base. This is usually followed by a dead cat bounce which is again witnessed in your chart. So I would anticipate a further weakness in this stock with the price falling below the 550 mark. Of course if there an euphoric opening on Tuesday then there may be a sharp upward movement, but I would use this as a shorting opportunity for Tata Chem.
But in my limited understanding not all indicators need to agree on the same view, more so the time scale is shorter. Your point on hidden divergence is valid, but the way the stock behaved it confirms the pattern of descending triangle. I usually prefer to look at daily and weekly patterns as well. The head and shoulders pattern on the daily charts seems to indicate bearishness on the stock.
A sharp move is likely to happen Tuesday and this will be a good shorting stock.