October 10, 2014

Weekend update

Current trend is down and will reverse to buy on close above 8050 (more strength above 8200).

Expect support at 7800 and resistance at 8050 on daily charts.

Option writing points to support at 7800 and resistance at 8200 this series.

Daily charts:


On kplswing indicator, trend is down and will revert to buy on close above 8160.



Weekly charts: show good support at 7800. Note that swing reversal level on weekly charts is 7450.


On 5 min charts, nifty shows inability to sustain above initial high at 7910 spot. Support holds at 7850 spot.


On hourly charts, trend is down and will reverse on close above swing high at 7970 spot.



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