August 5, 2014

Market outlook

Note that yesterday market was bullish and today was no exception. EOD chart shows buying at lower levels and also formation of higher high and higher low.

So broadly speaking, trend remains up as long as nifty  trades above 7450 spot.

EOD charts

Intraday charts

On 5 min charts, we had a sell when markets failed to sustain above 7710 spot (first box). This got covered around the second box. If not at this point, one should have definitely covered and gone long in the third box.

Trade before 11 o' clock is not considered in expectation of volatility around 11am.

On hourly charts, nifty has reverted to buy mode. NF is now bullish with SL around 7600 spot.

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