The stock formed a bearish engulfing pattern on the daily chart, which indicates a bearish price reversal. Besides, the price has fallen short of rising to the previous peak on the daily chart. The daily RSI is on the verge of entering a bearish crossover. Over the short term, the stock may move down towards Rs 2,290 as long as it remains below Rs 2,371.

Analyst: Rupak De, LKP Securities

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