From this level, it rallied to Rs 113. However, in its second attempt, the stock has failed to cross the Rs 113-level and formed a double top. Besides, the stock has also fallen below its short-term support level of Rs 100. The latest fall to Rs 97 is nothing but a hint for a further fall.

The volume chart also favours a downtrend. The position of oscillators is also far from impressive. Overall, the stock is likely to shed a few more points. For those who have entered at lower levels, an exit makes sense. Short selling can also be considered with a stop loss of Rs 113. The stock has a support at Rs 78.

--Deepak Singh Tanwar