January 17, 2017

Market outlook

Daily charts
- trend is up on daily charts
- today, markets closed marginally in negative
- AD was flat; VIX up 2%
- option writing support 8300
- good support formed around 8370 spot



5 min charts
- market is rangebound for 2-3 days
- today it opened near top where there has been selling before
- break of initial trading range was sell signal
- cover near close


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