Dated –17/08/2017
CHANA- CHICKPEAK INDORE - last close : 5612 - Expect resistance to be tested
Weekly Chart
Price reversal appears to be in place and close above DRV on sustained basis will confirm the reversal and of correction/down trend.
DRV is at 5745.
Resistance will be at 6200-5700.
Expect resistance to be tested in near term.
Sustainability will be key at resistance from reversal point of view.
Conclusion
Expect near term rise to DRV-5745 to 6200 range. Expect sideways movement or consolidation at lower range till 4600 is not violated.