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Friday was lackluster with
volatility, but week ends firm with 2.65% gain
After huge upsurge last Thursday,
market remained lackluster on Friday in the wake of long week-end.
Weekly closing was however, firm with 2.65% gains.
Friday's price action in a way proved to be kind of indecision
producing a negative bar with small body. We are after all at the tail
end of the rally because 17200 is almost in place.
Structurally, since we are contending a small "Diametric" within
larger 'G', minor waves 'f' and 'g' are yet to unfold. Time wise, we
have now 4-6 days left (2 days grace can be given) to complete this
structure.
Due to global weakness and short term overbought condition, market may
react now but only for 'f' to unfold and eventually to follow 'g' on
the upside completing larger 'G'. Crossover above 17196 will give
strength while break below 17059 will creep in weakness.
Downside for minor 'f' could be up to 16850. Traders should look for
buying at lower levels unless proved otherwise.
Supports for the day
are at 17059/17010/16943/16880/16850 and resistances are placed at
17196/17310/17370/17440/17530.
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