January 21, 2015

Market outlook

Trend is up with reversal level at 8380 spot. Nearest possible target is 9000 levels +/- 100 points (based on Fib projections). This means a rally of another 100-200 points is possible.

Option writing points to strong resistance at 9000 levels (FEB series).

EOD charts:

Intraday charts: markets were rangebound between 8690 and 8740 spot... this is understandable given yesterday's rally.

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