May 8, 2014

Market outlook

Trend is up with support at 6640.

There is possible formation of H&S pattern on EOD charts... neckline is at 6640. If this breaks decisively, one can expect a correction to 6400 levels.

Sustaining above 6750 spot will be bullish. Close above this will also mean bullishness on weekly charts.

Option writing points to support at 6400 and resistance at 7000.

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