Technical: Dhaniya Kota- Price Likely To Drift Down

Dated 13/01/2017

DHANIYA KOTA- Last Close-7281.26

In the above monthly chart since September 2008, larger degree Wave (a) has ended at the peak of 12121 (October 2015).

Wave (b) is in progress with internal of Wave b in progress.

Wave b could have ended now or could show a pullback rise to 8894 or above.

Support cluster is at 7253.

A fall and close below 7253 can confirm termination of Wave b.

Further support clusters is at 7076-6841-6625.

On fall below these support cluster, Wave c will be confirm for target of 5202 at least and may extend down depending on the momentum towards 3256.

For the time being 5202 possibility cannot be ruled out of support are violated.

Immediate range for next directional movement can be out of band 8366 and 7253.

Immediate resistance is at 7910.

A rise above 7910 can resume the pullback towards 8366, 8894, 9489 and 10185.

The trend for the time being is sideways between 8366 and 7253.

Conclusion

Overall price are likely to drift down to 5200 either moving down from current level -7554 or by showing a pullback to 8366-8894.