POONAWALLA : bearish after breaking out of descending triangle

• BREAKOUT from DESCENDING TRIANGLE pattern -
  
  price has recently broken out of descending triangle pattern with strong confirmation ie large red candlestick
• REVERSAL from 50D & 100D SMA MULTIPLE times -
  
  price has also reversed from 50D & 100D sma several times over the past few weeks. Also 50D & 100D have come very close to each other while price was taking reversal from them indicating even more strong downward pressure
  
  TARGET -
  
  307.05