Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More
Technical Commentary As long as prices sustain above the horizontal support of 31790, an upward move towards 31970 or even higher is possible. On the other hand, if prices break below the same region, an intraday correction is possible.
The present buying momentum expected to find resistance near 37730 on the slanting trend line, holding which, corrective dips are possible in the intraday. Meanwhile, it is necessary to break above the same region to sustain the buying sentiments.
Intraday movement expected to be downward closer to the horizontal level of 4475. Moves past 4475 could extend correction while holding the same could induce mild recovery.
Sustained trades above the trend line support of 176.40 could offer possibility for further recovery moves. Unable to hold near the same region could negate buying views.
A recovery move in prices can be expected if prices sustain above the support of 444 region on the rising trend line. Meanwhile, a voluminous break below the same support could add fresh selling.
Divergence in MACD oscillators after the bearish crossover suggest the prevalence of selling sentiments. However, a voluminous break below 859 is necessary to extend further correction.
Present recovery moves expected to find resistance near Bollinger resistance of 204.10 or trend line resistance of 206.20 in the upcoming sessions. Intraday weakness is expected only below the Bollinger support of 201 region.
Sideways trend may prevail in the upcoming sessions with mild correction and pullbacks unless the prices break above the horizontal resistance of 136.20. Major weakness can only be expected below support of 133.60 region on the rising trend line.
Intraday correction may inch closer to 128.20 and 127 in the upcoming session. Holding either levels could offer ground for an intraday recovery. However, possibility of a major weakness can be ruled out as long as prices sustain above 127 region.
To Read Complete Report & Disclaimer Click Here
For More Geojit Financial Services Ltd Disclaimer https://www.geojit.com/disclaimer
SEBI Registration Number: INH200000345
Views express by all participants area for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer