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Prevailing buying momentum could stretch higher in the coming session towards the trend line objective of 34960 followed by Bollinger upper band level of 35160. Intraday weakness could be seen only below 34590.
As long as prices hold the EMA support region of 38160 could expect further recovery towards the upside objective of 38950 followed by 39300. But unexpected fall below 38160 may squeeze down prices lower.
Remarkable trades above 4175 could trigger fresh buying initially towards 4210 then to Bollinger upper band level of 4238. Botched attempt win above 4175 may grab prices lower.
Current long liquidation move likely to be upheld in the coming session towards the downside objective of 164.40 then to Bollinger mid-band level of 161. In this bearish sentiments, next stage of price recovery could see only above 170.80.
Ensuing buying momentum likely to prolong in the coming session towards the internal trend line objective of 447.80 or even higher. On the flipside, a surprise move below the SMA level of 443.80 may dent our buying expectation.
A trend channel break out is clearly visible and MACD cross over pointing for further gains in the coming session towards the upside objective of 940 followed by 949. But a direct fall below 925 mat dent our buying expectation.
Consecutive days of buying may extend only by promising trades above the trend line resistance of 195.60. Inability to challenge above the same could push down prices lower to 193.80/192.40.
Intraday move largely to be north bound towards the upside objective of 157.25 and 158.10 there after. However, a direct fall below Bollinger middle band level of 154.90 may grab prices lower.
Prices trapped in a major consolidation region since last few week and intraday move is expected to be in the range of 144.40-142 region. A directional move may set out only by significant trades either side of the aforementioned region.
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