NDTV - False Breakout

NDTV has given a false breakout sometime early this week. The stock had jumped to 241 before reacting quite sharply. The volumes supporting this fall seems to be quite strong for the stock.

• Accumulation Distribution chart shows the stock's volume increasing with a decline in price as a strong indicator of a false break-out
• No major block/bulk deals was reported in the NSE/BSE. There is some strong selling happening across the board for this stock, a reaction from the quarterly results could be a reasonable explanation
• MACD has given the first sign for a 'sell'

At its current price, the stock has got support level at 207 in the intermediate level. The next support is at 190 for the stock. If the stock breaks 207, I would wait for looking at the volumes till the stock breaks 200 and then take a position in the stock. However, the stock is a bit weak and while there is a small possibility of a small reaction upside, I would still wait as this section on its price chart, is normally on a congestion area for the stock as it never is able to decide on its direction. Overall, a false start for the stock!