March 18, 2014

Market outlook

We now have evidence of selling and therefore resistance at 6560 levels. In futures, this level corresponds to 6600. Of course, part of the reason is the psychological resistance perceived at sensex (22000).

Broader trend is up with swing low at 6430. Close below this level can lead to start of correction of the rally starting 5960.

Note that time wise, this rally has consumed 24-25 days and thus is unlikely to have much strength left. In other words, a correction is due.

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