February 28, 2014

Weekend update

NIFTY closes at highest level for this week... RSI is also nearing recent highs.

On weekly charts, markets are near recent highs at 6300-6400 levels. Stiff resistance is logically expected here though there is no sign of increased call writing activity. Writers are more busy writing puts at 6100-6000 levels meaning these levels are expected to hold in the immediate future.

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