Tata Elxsi: Rejection from Resistance with RSI Divergence — More Pain Ahead?

1️⃣ Trend Snapshot The stock bounced sharply from the falling wedge breakdown and tested the ₹6,768 zone — a former support turned resistance. It failed to hold gains and reversed from this critical level, indicating supply pressure. 2️⃣ Price Action & Key Levels Resistance: ₹6,768 Support Zone: ₹5,800 Major Resistance: ₹7,957 The price is stuck below the long-term descending trendline (black), and rejection signals possible retest of lower levels. 3️⃣ Bearish RSI Divergence While price made a higher high in the recent upmove, RSI failed to follow — classic bearish divergence. Momentum shows signs of exhaustion just below 50 on the RSI scale, hinting short-term weakness. 4️⃣ Outlook As long as ₹6,768 holds as resistance, downside retest toward ₹5,803 looks probable. Bulls need a strong breakout + RSI > 50 for conviction. Until then, bias remains cautiously bearish in the short term. 📢 Disclaimer: This is for informational purposes only. Not a buy/sell recommendation. Positions may or may not be held. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully.