Technical outlook and chart setups:
A daily chart view has been presented here today, for larger wave study, and as seen, the structure remains constructive for bulls. A large upswing/cycle seems to be unfolding since last several months as ABCD, where A=1,520/30 (May 2012 low), B= 1,800.00 (Oct 2012 high), A potential C= 1,555.00 (Feb 2013 low) and a D extension projected above 2,000.00 level. Keeping this bird eye view in mind, the intermediary supports are at 1,555.00, followed by 1,525.30; while resistances are 1,650/60, 1,680/90, 1,740/50, and 1,800.00 respectively. Consequently, till the time prices are above 1,555.00, bulls are in control. Hence it is strongly recommended to remain long and look to add further on intraday dips. Looking higher from here on.
Trading recommendations:
Remain long, stop is at 1,550.00, and target is at 1,660.00 (book partial).
Good Luck!
