Intraday move largely to be southbound with an immediate price objective of 50050 followed by Fibonacci retracement objective of 49620. On the other hand, a solid move above 50920 could dent our weak bias.
Present weakness may persist towards the 59000 then to 57200 region. In this bearish note, recouping trades above 62200 could boost prices higher to 63500 followed by 64700
As long as prices hold below the 3025 could anticipate further weakness towards 2890 followed by 2820. However, sustained trades above 3025 could bid a recovery move.
Short covering move may withstand only above the hurdle of 143 region. Botched attempt to crack above the same may call fresh selling towards 133 followed by 129.
Further price recovery may be seen only above 531.80 region. Else hold the same for prices to scale lower towards the 524.60 followed by 516. But rise above 531.80 could lift prices high
Technical Indicators and chart formation point to further weakness towards the downside objective of 1052 firstly then to 1044. In this weak bias, retreating trades above 1076 could bid a recovery move.
As long as prices hold the upside hindrance of 195.60 could expect further weakness towards 192.60 followed by 190.80 region. But direct rise above 195.60 could boost prices higher.
Weakness may persist towards the Bollinger lower band level of 144.40 followed by 143.80 region. However, rise above 147.20 could boost prices higher
Decisive trades above the hindrance level of 144.20 could lift prices higher. Else hold the same for further corrective move towards the downside objective of 142 followed by 141.10.
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