Technical: Dhaniya Kota Spot - Pullback Is In Progress

Dated 11/12/2017

DHANIYA KOTA- Last Close - 5845 - Pullback Is In Progress



The expected pullback is being witnessed as price are test the averages 55VA and 89VA.

The 55VA is below 89 VA and price is above 55 VA (5277).

The 89 VA is at 5646 which will offer some resistance.

Once the up trend start by sustaining above 89 VA, the rise can extend to 6450 at least and may extend to 7277.

If Bull market gets confirmed then rise towards 6450 and 7277 could be happening.

Currently bear market is in place as 55VA is below 89 VA and the current rise is a bear market rise.

Support will be at 5166 and 4878.

Conclusion
Trend is down but reversal could be happening in near term. Cover short position and expect consolidation at support of 5166 and 4878 even as trend remain down.

Downside momentum is below 4595.

Swing bottom appears to be in place therefore even as it correct to support consolidation can be witnessed.