July 22, 2014

Market outlook - index management at work?

NIFTY was up 84 points of which 62 points were contributed by 6 stocks. Of this, 40 points were contributed by RELIANCE, HDFC and TCS.

Inspite of all this, advance decline was negative so if these 6 stocks had closed flat, nifty would have been in the negative by 60 points.

EOC charts however are still bullish with SL at 7450.... but considering the present situation, one should be alert for any reversal of previous bullish bar as a sign of impending trending reversal.

Intraday charts

On 5 min charts, close above 7720 spot was a buy signal.... this trade got stopped out around 7740 spot. Breakout above 2.40pm led to next profitable long trade.

On hourly charts, trend is still up with SL at 7710 spot.

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