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Technical: Chana Indore- Consolidation can be witnessed

20 Mar 2017 11:57 am
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Dated – 20/03/2017

CHANA- CHICKPEAK INDORE - last close 17/03/2016- 5175: Consolidation can be witnessed


Weekly


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 5500 and 5800.


A rise and close above 5500 can mark a reversal for the bottom.


On rise and close above 5500 a pullback towards DRV 6394 can be tested.


Consolidation above 4600 could be witnessed unless immediate decisive fall below 4600 is witnessed.


Conclusion


Consolidation above 4600 could be witnessed.


       
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