The stock is in a sideways movement and has just completed its sharp downward rally from 445.25 to 386.5 which is a strong support area and has its 200 DMA at 378 levels. Below the 200DMA, the bears can once again take control and are set to take the stock lower. The divergence in Directional Movement Index and Force Index are evidences that any up move in the stock for now will be to add short positions. Also, a Buddha Top formation at 450 levels confirms that the upward movement in the stock has halted for a while. Thus, we suggest initiating fresh short positions in the stock below the level of 378 and add as it turns higher for a short term target of 332-295-260-215.
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