July 7, 2014

Market outlook (intraday and EOD charts)

EOD charts: trend is up with support at 7440. Note that trading range is getting smaller even as nifty is making new highs. Advance decline was flat which means broader market did not participate in this rally.

Option writing points to support at 7500 and resistance at 8000.

Intraday charts:

5 min charts point to rangebound trading.

15 min charts point to support 7750

Hourly charts point to support at 7650...

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