July 31, 2014

Market outlook

Trend is up with support at 7450 spot. For a reversal, I will look at a min 2% correction on closing basis as a warning sign. The bigger the bar, the stronger the warning.

As of now this is not happening.

Daily charts

Intraday charts:

On hourly charts, trend is down and will reverse on close above 7800.

On 5 min charts, we had a sell on break of 7770... this trade gave decent profits of 40-50 points.

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