Dated – 05/03/2017
CHANA- CHICKPEAK INDORE - last close-3/03/2016- 5175: Trend is still down
(Weekly Chart)
Wave a is in progress and may end at current level of 5175 or at 4150.
Bounce can happen from current level to 4150 for a pullback.
Indicators are in oversold zone and lower range in near term could bottom out at or around 4150.
Sustained fall below 4150 can lead to a sustain slide again.
The low registered till now is 4600 and closed at 5175 as on 03/03/2017.
Attempt to pullback was seen but sustainability of pullback will be key to mark a reversal.
Resistance will be at 5400-6200.
A rise and close above 6200 can mark a reversal for the bottom.
Conclusion
Expect the level of 4150 to be tested. Trend is still down. The down movement could stop from current level to 4150. Subsequently reversal above 6200 is a must.