April 4, 2014

Weekly update

On daily charts, nifty formed lower high lower low... this is the first sign of the correction (yesterday's outside bar was a rough warning). The intraday charts however show a great deal of struggle to come down.

Advance decline was positive.

I am expecting any correction to not last for more than 2-3 days and this will help form a higher swing low. This is currently at 6400 levels.

Immediate support is at 6650 (may break but this is ok) and 6565.

Weekly charts show markets holding comfortably above 6420... this is a bullish sign. Going forward, holding above 6600 will be very bullish.

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