February 10, 2014

Market outlook

Last week, we had hammers for 3 consecutive days and markets maintained formation of higher highs and higher lows. Today was the first day of the week and though we had very good global clues, markets failed to capitalise on this and traded weak throughout the day.

Now while immediate trend is weak but still up, we will wait for a close below 6030 for initial signs of any weakness.

Note that broader structure of the market has changed ... it is more of sell on rise than buy on dips.

Option writing points to support at 6000 and resistance at 6200.

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