January 28, 2015

Market outlook

NIFTY trend is up; however it is now at upper end of the expanding triangle.

Some reaction is likely here most likely to form a higher low.

Also, a formation of 2-3 days lower high lower low will be considered normal.

Option writing points to support at 8000 and resistance at 9000 (FEB series).

EOD charts:

And the 61.8% retracement level is at 8420.. so expect support here and increase in put writing at 8400 level.

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