May 30, 2014

Market outlook

NIFTY takes support at 7100 and forms a bullish candle. Now the region between 7000 and 7100 is  a gap so this entire region will act as support.

In addition, markets are expected to take fancy to 7000... big round number... numbers like this 6000,7000, 20000 act as psychological support/ resistance levels.

Option writing points to support at 7000-6800 and resistance at 7500 ... this means rangebound markets this month.

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