Dated – 20/03/2017
CHANA- CHICKPEAK INDORE - last close 17/03/2016- 5175: Consolidation can be witnessed
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.
Consolidation above 4600 could be witnessed.