September 10, 2014

Market outlook

Trend is up with support at 8000-7840 spot.

Though markets opened gap down, selloff was limited and advance decline was actually positive. This is a bullish sign.

Option writing clues point to support at 8000 and minor resistance at 8300.

Hourly charts show very clear support at 8050 and 7850 spot. Note that on hourly charts, we will have a swing reversal if nifty closes below 8050 spot.

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