December 12, 2013

Market outlook

NIFTY opened gap down and closed 1% in the negative. The closing has come near a support area of 6200. A bounce is in order here but if this does not materialise and we have a fast break of 6200, then problems for the market. The overall nature would then be changing from buy on dips to sell on bounce.

Weekly charts should be very interesting tomorrow.

Intraday charts show support at 6285F followed by break... accordingly tomorrow's "buy above" level for nifty longs will come near range high - this is roughly near 6300F.

Comments welcome

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