Reasons-
1. Long term channel top.
2. Curvature shift of 20 and 50 WMA along with price hitting 20 WMA frequently.
3. Overall weakness in IT sector.
4. For reference, study reliance top in August 2020, study Nasdaq Weekly chart and the top made in Nov 2021.
#tataelxi https://t.co/RmJa5LrdAP

I have traded the current fav Tata Elxi from 2200 to 4500. No regret on missing out rest of the move because I am not an investor. Now there are many technical red flags. I might be trolled but 10.5k looks max target while 5k or 3-4 years of sideways looks inevitable.#tataelxi
— Aakash Gangwar (@akashgngwr823) March 26, 2022
More from Aakash Gangwar
#CNXIT https://t.co/bJeKTMoCji

The current formation might look like a falling wedge, but the way moving averages are placed, it looks like a falling wedge which can lead to a parabolic downmove for the marked target. #CNXIT pic.twitter.com/GmXOI3HmUN
— Aakash Gangwar (@akashgngwr823) May 10, 2022
#bearrun
#BearMarket
Head & Shoulders pattern, double top and bearish RSI divergences fail more often in bull market and generally gives a very good SAR trade. Vice versa is also true for bear market.#bullrun #BullMarket
— Aakash Gangwar (@akashgngwr823) February 9, 2021
#CNXIT
Almost there. Be prepared to see 33k again in Nifty IT. Only for swing trades, no investment here. #CNXIT https://t.co/RMAsQweoFY pic.twitter.com/BmKD7g6Q8i
— Aakash Gangwar (@akashgngwr823) May 25, 2022
#nifty50 https://t.co/64ZktWHQev

This is the maximum upside for now, post that I am looking for an 8-9% fall in index.#nifty50 pic.twitter.com/BcSOiwWuBs
— Aakash Gangwar (@akashgngwr823) June 24, 2022
More from Tataelxsilongterm
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