February 18, 2014

NIFTY closes above swing high

Nifty has closed above recent minor swing high. This has bullish implications but has to be considered in light of the broader rangebound movements and resistances nearby.

For failure of this signal, nifty must break and close below 6050 in next 2 days. Trading within today's high low would be considered as a part of this new uptrend.

Option writing points to support at 6000 and diminishing resistance at 6200. This means option writers do not expect 6000 to break this series but do not feel the same about 6200 levels.

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