January 15, 2014

Market outlook

NIFTY closes nicely above 6300.  Now a close above 6360 will lead another round of fresh buying and possibly new highs.

Advance decline was mildly positive (not a good sign). VIX dropped by 2% (bullish). Option writing points to support at 6200 and diminishing resistance at 6400. Overall clues are bullish.

Intraday charts: there were 2 buy signals and one short signal (need not be taken as trend is turning up).

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