Dated – 23/01/2017
CHANA- CHICKPEAK INDORE - last close-20/01/2016- 7000: Near Term Bounce Likely
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Wave c of Wave 4 is likely to have ended as result of the bounce to 7000.
Support of 6000 was tested which was bottom of Wave a.
Further fall will be seen only if fall and close below 6000 is witnessed.
Expect a pullback for near term to 7500 and 8173.
In last update mentioned that support of 6200-6000 was critical and the same was respected to witness a bounce to 7000.
Conclusion
Cover short position till 6000 is not violated as near term rise to 7500 and 8713 could be witnessed.
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