There seems to be a bearish cloud cover pattern at channel's resistance. Moreover, this is supported by spike in volume. This denotes that bears are taking control.
Yes, your analysis seems promising. However, this pattern looks like a rising wedge. It does indicate a price reversal. But rising wedges are a bit infamous not behaving as expected so there are chances it could be a false breakout too. Although I would still like to be on the bearish side. I would be comfortable in keeping the target around Rs 400. Let's see how it works out.
kalyanganguly
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@Mr_Knower, thanks for your honest feedback. Comments like these help me learn too. Thanks a lot. Whichever way the trade goes but thanks a lot for such a constructive feedback.