December 6, 2013

Weekend commentary

NIFTY holds to yesterday's low and closes at weekly high... this is a bullish sign. VIX  is marginally up so not an issue. Advance decline is marginally positive. Overall trend is positive.

Option writing points to increasing resistance at 6400-6500 levels and support at 6000. We are already at 6300 levels so this might be a problem if you are long ( I am crazily long in stocks!)

Intraday charts point to consolidation...

This consolidation is visible more clearly on 30 min charts... this also shows how previous resistance is turning into support.

Weekly charts still show we are trading within an expanding triangle.. Chances of markets breaking 5900 this series appear slim.

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