Technical: Chana Delhi Rajasthan Line - Wave IV Is In Progress

Dated 3/12/2016

NEAR TERM CORRECTION IN PROGRESS

Wave (c) unfolded in 5 wave structure.

Wave iv is in progress with internal of Wav c being witnessed.

This means a correction of the rise from 6200 to 11200.

Retracement levels are 8702 and 8106.

DRV shown in the chart is at 6885 and the same could be tested on correction as well.

Support could be witnessed at 8225-6800-6200.

Resistance will be at 9350-10200.

A rise and close above 9350 could mark and confirm the end of correction and new rally to get past peak of 11200 would be in progress.

Expect 6200 to be held for Wave iv termination.

Conclusion /Strategy

Correction to 8225-6800-6200 can be tested.

Accumulate at 8225 and 6800 can be undertaken as and when the opportunity arises in time to come.