January 28, 2014

Market outlook

NIFTY closes flat accompanied by a 5% drop in VIX. As mentioned earlier, support is expected at 6000 and this looks increasingly possible given the put writing going on in FEB series at this strike price.

Note that trend is still down but some buying can be initiated at lower levels / panic with appropriate SLs in place. You will need to follow intraday charts for this and look for confirmations of some bullishness setting in.

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