Monthly Chart
A broadening descending wedge formation is seen on Monthly charts and is characterized by increasing price volatility with two diverging trend lines. It usually occurs after a significant rise, or fall, in the action of security prices. Statistically, the descending wedge breaks out bullishly.
Weekly Chart
Daily Chart
Moved within last week's range forming an Inside day. As per daily charts, last day's trade was very bearish indicating high chances of the bearishness continuing.
The action since March 22nd seems to be forming a bearish Head and Shoulder pattern with a neckline around 16900. This adds evidence to the bearish bias.
Hourly Chart
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Lakshmi Ramachandran
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