Tata Elxsi (NSE, daily) is in a long, steep downtrend

Tata Elxsi (NSE, daily) is in a long, steep downtrend: it fell from the ~5,900 peak in January 2026 to a low near 3,000 in early October, forming a clear series of lower highs (~4,750 in April, ~4,150 in June, ~3,850 in August) and lower lows. The last few sessions show a sharp V-shaped reversal, with a strong bullish candle on the latest session (+5.73% to 3,623.1, intraday high 3,710) after a bounce from the 3,000 psychological support. This looks like a relief rally or possible bottoming attempt, but the primary trend is still down until price breaks and holds above the 3,800-3,850 zone, which was the August swing high and is the key resistance. Immediate resistance sits at 3,700-3,710 (today’s high) and then 3,850, while support is at 3,450-3,470 (today’s open), then 3,200 and the 3,000 low. After such a sharp move, a pullback or consolidation toward 3,450-3,500 would be healthy, and a close above 3,850 with strong volume would be the first real sign of a trend change; the “E” markers suggest earnings events may be driving volatility, so watch for follow-through in the coming sessions