March 14, 2014

Weekly update

NIFTY closed above 6500... close was near weekly open. Support at 6400 is still holding though going by option data, we are seeing a cut in 6400 put and some increase in 6600 call levels.

Over all the charts still look bullish... we had a break of 3 day support but there was no aggressive shorting the market. On the contrary, buyers came in.

On weekly charts, markets formed a small doji... this is in order as last week, markets gave a breakout and closed 4% in the positive.

I have still retained the expanding triangle though it is no longer relevant now. I have yet to see something like this where we have 4 contact points!

Deep support exists at 6000...

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