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Weakness persist
In continuation with Tuesday's bigger
fall, Wednesday also exhibited weakness with high volatility. It
appears that there is a total shift in sentiments and every rise now
meets the supply.
After straight 7 days decline except one inside bar, we have 6 down
days .. so to say, and the same has caused oversold condition in the
short term which is visible on the lower scale chart. Due to such
oversold condition, we may see some pull-back but in our opinion, it
will be a slow and steady affair.
Short term traders are therefore advised to follow the given levels
properly to position themselves on right direction. However,
positional players should care less for such pull back simply because,
pull back is now likely to create a lower High, eventually turning the
momentum negative.
We may see some strength above 16411, but if fails to sustain above
this level, more down ward drift will be seen to find support at 16000
zone. Supports are at 16228/16195/16144/16065/16002 and resistances
are placed at 16342/16411/16494/16560/16606.
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