Dated 20/03/2017
URAD FAQ MUMBAI- Last Close-5950 – Near Term Pull Back rise is likely
Monthly Chart
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The bounce has come-off the level of 4900 to 5950.
The bounce will continue for near term towards the monthly DRV which is around 6850.
Stochastic is in oversold zone therefore recovery and bounce probability is higher.
On the weekly chart, up trend will resume if sustains above 6000 to get translated into the pullback on monthly chart.
The earlier resistance zone of 4900-5450 has provided the support.
Conclusion
Expect pullback rise towards 6850 in near term to short term with volatility.
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