Month timeframe chart using simple trendlines...a triangular formation awaiting BIG move on either side.
Breakout above 3300 and breakdown below 2900.
On long term..rally will be treated as a corrective rally..assuming a multi year corrective phase.
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At the cusp of the triangle breakout OR breakdown. Significant action coming up on either side.
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Bears make the move..by breaking the monthly trendline. Aggressively staying below 3003, expect sharp downsides. Conservatively holding below 3150, sell on rises mode continues.
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Bears are now following up with a strong sell off. Sustaining below 2800 is disastrous for bulls with a potential to slide to 2200 to 2000 levels ( worst case scenario )
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The crackdown in Dr Reddy continues with another 4% cut. Trade continues from 3100 to 2600 and ongoing....