January 8, 2016

Weekly update with multiple timeframe analysis

Weekly charts
- trend is down
- nifty down 4.5% this week; biggest fall since 2014
- channeled correction will eventually give bullish breakout
- lower end of trendline around 7200
- breakout above 8000 will be bullish



Daily charts
- trend is down
- steep fall this week
- triple bottom around 7500 levels?
- formation of higher swing high necessary
- option writing support 7500 resistance 8000


Hourly charts
- trend is down on hourly charts
- swing high/ reversal level brought down to 7650 F
- next week, trade long if NF sustains above 7650 F with SL below 7590 F


15 min charts
- trend is down
- good resistance around 7650 F


5 min charts
- nothing to do today
- after a steep fall, markets like to form a range
- and this is what happened today



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