July 17, 2014

Market outlook

NIFTY is reaching resistance level at 7700. Note that as per H&S view, this means we may shortly form the top of the right shoulder.

Now the H&S formation is just an assumption and not a certainty. The confirmation at this point is break of support at 7450 while negation calls for breakout above recent highs.

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

Intraday charts:

We had a rangebound session on 5 min charts. Buy signal on breakout from range at 1.35pm failed.

On hourly charts, trend is up with SL at 7600 and resistance at 7740 spot.

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