April 29, 2015

Market outlook

- today was a down day though advance decline was positive
- no evidence of buying seen even though previous day was bullish.
- immediate support seen at 8200; break of this can be disastrous for markets
- current levels not good for shorting because risk reward is not favourable
- bulls not giving support at current levels will be an incentive for bears to sell.
- option writing - highest OI puts at 8300 and calls at 8800 (May series)

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