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.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.