Technical: Chana Indore- Consolidation can be witnessed

Dated – 20/03/2017

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.