January 27, 2016

Market outlook

Daily charts
- trend is down on daily charts
- strong resistance around 7550 levels
- option writing support 7200 resistance 8000 (FEB series)




Hourly charts
- trend is up on hourly charts but lacks impulsive move
- weakness below 7400 F


5 min charts
- breakout from initial trading range was buy (first arrow)
- an aggressive but low risk long position possible before 10 am.
- break from second box was a better trade (short, second arrow)


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