Daily Chart
Half Hourly Chart
Bulls failed to cash in on the bullishness of yesterday's hammer. However support was once again taken on the green dotted uptrendline from the low of 4786.Also a higher high and higher low was made though with a very small difference on both ends.
The neckline of the bearish head and shoulders too has been held.The neckline is around the 5848-5850 level for tomorrow. Breaking this would find support on the lower trendline of the downward sloping channel which is around 5790-5760.Resistance from this channel is at 5950-5925.Only a break above this channel can see some pullback. The 61.8% retracement level of rise from 5349 to 6338 is at 5730. The 38.2% retracement level of rise from 4786 to 6338 is at 5750.
Resistance at 5890-5920-5944-5976 and Support at 5850-5825-5785-5730.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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