TATA elxsi again testing its support level of 955-950. The Q3 results shows 62.77 Cr. PAT against expectations of 55 Cr. which is good in numbers. Although IT sector is under little pressure one could look for buy tata elxsi keeping stoploss of 955 on closing basis.
After huge fall from 52 weeks high stock is taking good support around 50 zone and trendline breakout along with increase in volumes , RSI positive divergance shows good buying interest at lower levels. The Next important support is aroung 46. one colud go long at CMP or on deeps til 50 keeping stpoloss of 46.
Even after negative news chart is showing reversal patterns such as Piercing line, Doji, Morning star at lower levels suggesting trend reversal.
Will the news affect the reversal?
The stock that must be keep under radar.
Panicness in international markets deu to america china trade war and movement in USD/INR affecting market. Technically bank nifty is moving in channel from past many days, upward price movement and slow movement of RSI (negative divergance) already gave negative indication, now the bank nifty is near to its channel support if it breaks next strong support is near 23600.