January 14, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today, markets failed to open above yesterday's bullish hammer
- today's gap down opening led to strong intraday buying
- market is now getting rangebound and unable to close above 7600.
- highest OI is now at 7300 put (first time this series)

Hourly charts
- trend is down on hourly charts
- trend reversal level is 7620 F
- close above 7620 can give a rally to 7800 levels

5 min charts
- gap down opening was a not a sell because of strong support nearby
- breakout from initial trading range was bullish
- exit was breakdown from second box

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