The bullish crossover of MACD oscillators signals that the prices may get firmer in the coming sessions. Nevertheless, prices need to sustain above the trendline resistance of 52200 to continue the buying momentum. Meanwhile, a steep fall below Bollinger lower band region of 51720 may induce weakness in the counter.
Convergence in MACD oscillators rule out major weakness in the prices. However, intraday movement may test trendline resistance of 69700 region, a break above which may induce fresh buying in the counter.
Present buying momentum expected to edge higher towards the Bollinger upper band region of 2925 or even higher. On the flipside, a break below Bollinger mid-band region of 2815 may negate buying expectation for the day.
Intraday move largely to be northbound with an immediate objective of 178.80 then to 181.80. But dip below 171.40 could push prices lower.
Prices possibly to trade lower in the coming session towards immediate price objective of 525.50 followed by 522. A vertical rise above 531.60 could lift prices higher.
Weakness may continue in the coming session towards the downside objective of 1110 followed by 1102. However, decisive trades above 1130 could lift prices higher.
Solid trades above 196.30 could boost prices further higher to 198 or even more to Bollinger upper band level of 200. Botched attempt to challenge above 196.30 may bid fresh selling for today’s session.
Intraday buying may flourish only above EMA level of 149.80 region. Else hold the same for a corrective move towards 147.40 then to 146.60. But rise above 149.80 could lift prices higher.
Major buying could see only above 147 region. Failure to mark trades above the same could push prices lower to 144.60 then to Bollinger lower band level of 143.40.
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