You had to act quick.
But when you see a stock like $SIFY with a Big Float make that move to $2.99 like that with extreme spike in volume.
It has to come down.
Just Science.
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In the short term, you are correct, but it has broken a multi-year downtrend line on heavy volume, which is usually bullish (long $SIFY). There are not many Indian stocks to trade, so I expect these will get more attention at some point. Less regulatory risks than China, for now
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