Technical: Barely Jaipur- Breakout above 1960 is essential

Dated 22/05/2019

Barely Jaipur- Last Close- : 1886- Breakout above 1960 is essential

The view mentioned in last update remains the same.

Higher top and higher bottom formation is in place but corrective up move is being witnessed.

Retracement of the last rally from 1473 to 1960 is being witnessed with retracement level of 1670-1598 to act as support .

The low in last fortnight was 1691 and test the retracement level and bounce to 1885.

Resistance will be at 1920-1960.

Breakout above 1960 is essential to set a rally further.



Conclusion

Further rise is above 1960 closing and traders can take profit or hold long position with a stop loss of 1690 to wait for breakout above 1960.