Tata Elxsi - Double Top

Tata Elxsi NSE: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.

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