October 31, 2013

Market commentary with weekly/ monthly chart

NIFTY closes at 52 week high... now lifetime high of 6340 spot is within striking distance.

Couple of things: advance decline has been flat for some time and VIX is dropping showing diminishing fear (bullish view). On the other hand, bears may interpret falling VIX as increasing complacency (bearish). Option writing points to support at 6000 level.