May 7, 2015

Market outlook

- broader trend is down on daily and weekly charts
- while nifty closed barely 0.5% down, damage was severe in other indices
- markets likely to take support near 8000 levels
- weekly close (tomorrow) below 8000 can lead to more correction next week
- tomorrow, gap up opening above today's high will be bullish for few days
- option writing support 8000 resistance 8500

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