May 16, 2014

Weekend update

Trend is up though it appears that rally is likely to mature. Upside at this point looks limited given the rather strong selling at higher levels and as evidenced by candlestick with long upper tail.

Option writing points to support at 6400 and resistance at 7500.

Support 7000-6850-6640. Resistance 7600.

On weekly charts too, we have evidence of selling at higher levels.

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