June 26, 2014

Market outlook

Broader trend is up... immediate market direction points to corrective/ sideways movement.

Basically what we are seeing is a channeled move - when this move ends, the prior trend (in this case, up) will resume.

In our case, I am looking for a close above 7600 spot as a sign of bullishness. Further, the close must be near the day's high and not the low.

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