Tata Elxsi Ltd | Weekly Chart | Base Formation After DowntrendTata Elxsi LimitedNSE:TATAELXSIyatharthshah23Long-Term Structure Since its peak near ₹9,000, the stock has been in a well-defined downtrend characterized by: 🔻 Lower Highs 🔻 Lower Lows 🔻 Persistent selling pressure The red trendline on the chart has acted as dynamic resistance throughout the decline. Major Demand Zone: ₹3,800 – ₹4,100 This zone has emerged as a strong support area where buyers have repeatedly stepped in. Key observations: ✅ Multiple rejections from lower levels ✅ Formation of a base after capitulation ✅ Increased buying interest near support ✅ Risk-reward improving significantly As long as price sustains above this zone, the possibility of a medium-term trend reversal remains alive. Upside Targets If the breakout sustains: Target 1: ₹5,500 – ₹5,800 Target 2: ₹6,500 – ₹7,000 Major Target Zone: ₹7,800 – ₹8,000 This target area corresponds to the previous major supply zone highlighted on the chart. Tata Elxsi is transitioning from a prolonged downtrend into a potential accumulation phase. The stock is positioned near a critical inflection point where a breakout above the falling trendline could trigger a meaningful trend reversal.