The stock was on a recovery path after a sharp fall in the second quarter of this year. Between April and June, the stock had fallen from Rs 789 to Rs 475. Thus, a recovery witnessed from this level was nothing but a correction to its previous fall.

First sign of weakness came when it formed a lower top at Rs 610 recently. The fist top was formed during the last week of September at Rs 621. The latest fall finally confirmed the negative trend. The signal become more bearish as the fall was supported by huge jump in volumes. While the moving averages have also turned negative, the position of oscillators is equally bearish.

Considering the position of the chart, investors are advised to make an exit at the current level. Short position can also be taken atevery rally.