January 5, 2016

NIFTY trend reversal?

On daily charts,
- markets open gap down below Friday's open
- NF down 2% for the day
- VIX up 18%
- swing high around 8000 levels.
- next support 7700 and then 7500

Contraview - holding 7700 followed by a breakout above 8000 will be super bullish.


On hourly charts,
- markets break swing low/ support
- good indication of sell
- trend remains down throughout the day


On 5 min charts,
- nifty opens below support
- this support then becomes resistance
- breakdown from box initiates short trade
- cover on close.




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