Prices have been consolidating after previous week’s gains. However, a determined move which sustain above 46020 could lift prices further higher. But dip below the same may push prices lower.
Major buying may be seen only by decisive trades above 67500 region. Else hold the same for a downside corrective in the later session.
If price clear above the obstacle of 4570 could strengthen the buying move. But there is equal plausible chance of a slippage if prices failed to challenge the same.
Prices need to challenge above the upside hindrance of 196 for a major buying to trigger. Botched effort to challenge above the same may bid a downside corrective move in the later session.
Witnessing buying sentiments likely to uphold in the session to come. In the positive note, an unexpected fall though the downside hindrance of 688 may be a sign of intraday weakness.
Decisive trades above the Fibonacci retracement level of 1240 may a sign of intraday price recovery. Inability to crack above the same may grab prices lower.
Previous session weakness may progress only by solid trades below 220.40 region. Else could expect further price recovery in the coming session.
Intraday weakness may establish only below the Bollinger lower band level of 163.30 region. Which if remained untouched could expect prices to turn higher.
Ensuing buying sentiments likely to persist in the coming session. Although a downside corrective move which crack below the downside support of 184.30 may squeeze down prices lower.
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