July 14, 2014

Market outlook

Market holding support at 7450 levels. Small trading range implying lack of selling and buying. Bears do not want to short and bulls bit hesitant in buying aggressively.

Intraday charts:

On 5 min charts, nifty was trading in a small range throughout the day.

Whatever was the high low made by 11am, breakouts beyond this level did not hold.

On hourly charts, trend is clearly down with resistance at 7475 spot. Sustaining above this can lead to a pullback rally upto 7560 spot.

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