Another bearish candlestick pattern has been witnessed on Tata Motors chart. “Bearish Engulfing” as circled in the attached graph is a bearish signal and we could expect a correction. Stock has outperformed the index in last rally from 180-290 non-stop and it has been resting since making new high. For the first tym after 180 you could notice that stock has closed and trading below all the short term moving averages (blue,yellow and green lines near the high of todays candle). Indicators has been supporting bears since last few days. Chart shown above is of Tata Motors future and we could notice that future has been in consolidation phase during the way downside between 263-276. Now stock could go either way but analyzing the market overall we could be more on the bears side. jaguar has always been a wild card for tata motors and only it can save otherwise be on short side. Important downside targets are 254/249/235/222. Currently at 12:32pm future is trading at 269 and risky players can short at CMP or safe traders can short below 264 with strict stop loss of 276 on future.