February 14, 2014

Weekly update

On daily charts, nifty is still in a range defined at 5970 and 6100. While Thursday showed a clear trend reversal, today's bar indicates bullishness with support coming at lower levels.

VIX also dropped by 6% indicating diminishing fear in the markets.

On weekly charts, we have buying coming in lower levels for the 2nd consecutive week. This is bullish and confirmation next week will be trading above 6100. Recall last week I said the same thing but markets failed to sustain this week above 6100.

Let us see if we get a breakout next week (above 6100 or below 5970).

On a different note, Sensex is close to the psychologically important level of 20000.

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