February 11, 2014

Market outlook

NITFY is peculiarly poised... the broader trend is down but taken support near 6000 levels.

At the same time, we have signs of buying but this is clearly not strong enough to effect a strong breakout. So we have this situation where global markets are moving whereas our markets are being sold into right from the first bar.

Option writing clues are however a bit predictable... good support at 6000 and resistance at 6200.

What will happen if there is a breakout? How will the shorts react?

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