When I was kid- I was fond of Sintex tanks- as my elders use to tell me that Sintex tanks- never leaks so here as well Sintex would not leak from channel downside. Yes, it has been running a complex correction since March 2015 from highs of 134- Likely I will interested in this stock once it moves above 90 & sustains or shall look down in the zone of 60-65's as support & later 45-50's where bottom channel could provide better support.
Weekly bearish engulfing candle indicates weakness in the stock, but I shall be looking this stock as a dark horse for years to come as it has potential to go beyond 135 in the zone 225-250's
There could be small bounce back as 70 is holding quiet well but long term I shall be looking for more down as expected earlier in 60-65 zone or sustains above 90 for upside move.