Technical: RBD Palmolein Kandla- Near Term Correction / Consolidation Likely

Dated 02/03/2017

(Monthly Chart)

Trend appears to be up but correction for Wave e appears to be in progress.

Wave e can test the DRV and at the last higher bottom of 535.

The DRV is around 563.

Further rally can resume if Wave d top of 630 is crossed.

Conclusion

Expect Near term Correction for Wave e before making attempt to move past 630.

Lower range can be 535 or below from current level can be tested.