July 23, 2014

Market outlook

Trend is up with support at 7450... also, the H&S pattern is as good as rejected.

Note that this is second day, markets have closed in the positive but broader market is witnessing selling.

Option writing (AUG) points to support at 7300 and resistance at 8000. Bias is bullish.

Intraday charts:

On 5 min charts, there was a sell on break of 7790 spot... this trade got stoplossed at 7770.

On hourly charts, trend is up with support at 7750 spot.

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