September 16, 2014

Market outlook

Trend is up with swing low support at 7540 spot. While correction has started, a faster retracement of the rally starting 7540 will confirm end of this bigger rally starting from 5500 levels.

Open writing points to resistance at 8200.

VIX was marginally up indicating not much panic in option writers.

EOD charts

Hourly charts  show trend is down. Note that first sell signal got generated yesterday so those trading in futures would have been expecting or waiting for this correction.

Next support is seen at 7850 spot.

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