July 30, 2014

Market outlook

After 2 days of decline, markets recover and close in the positive. For further bullishness, holding today's low will be crucial in next 2-3 days.

Stoploss for long positions still remains at 7450 spot.

On hourly charts, we had trend reversal when markets closed below 7750 spot. Now bullishness is possible only on close above 7850 spot.

On 5 min charts, we had a sell signal on break of support at 7730. But there was no follow through selling and we got a strong reversal bar (2pm, shown in box). Crossover above 7750 was bullish.

Ignore commentary in box.

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