The prices have clearly held the support of 37520 on the rising trend line and pointed upward. The crucial immediate resistance seem to be 38150 which is the horizontal level, above which buying momentum may strengthen.
The present recovery momentum expected to find resistance at the horizontal level of 44880. A voluminous break above the same level could add buying pressure. Else, prices may take corrective dips or move to consolidation.
Prices necessarily have to break above 4130 region in order to regain the buying momentum. Although the present corrective dips does not point to major weakness, a fall below 4030 on the Bollinger lower band level could initiate an intraday sell off. Whereas a major weakness is expected only below 3940.
Present weakness may extend lower towards 186 or even lower to 183.30. A major recovery is expected only above 194.80.
Prices seem to have loosing momentum as it dip lower, while the converging MACD oscillators also suggest a sideways trend in prices. Meanwhile, dipping lower may find support at 434.70 region on the Bollinger lower band, and pullbacks may sustain only above 442.80 region.
Correction in prices may find support at 1130, breaking below which may add selling pressure. Major recovery expected see only above 1155.
As long as prices trade below 196.50 on the horizontal resistance, corrective dips is expected in the counter.
Prices expected to wigwag in a narrow range respecting the levels of 154.60 and 157.30. Major weakness is expected only below 153.20 and firm buying can be seen above 158.70.
Mild weakness is expected to linger in the counter testing the support levels of 132.50 and 132 in the intraday. Pullbacks can sustain only above 134.60.
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