February 5, 2016

Market outlook with weekly charts

Weekly charts
- trend is down on weekly charts
- NF trading in falling channel; this move is corrective
- stiff resistance is expected around 7900-8000 levels

Daily charts
- market is rangebound on daily charts
- a case can be made for formation of higher swing low around 7350 levels
- option writing points to support at 7400 and resistance at 7600 levels
- above means chances of a tight trading range.

Hourly charts
- no clear direction visible on hourly charts
- trading range is visible/ marked on chart

5 min charts
- breakout from initial trading range was bullish
- not much of a profitable trade possible because of delayed entry
- did not trade this week

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