July 18, 2014

Weekend update

NIFTY maintains uptrend... closing near weekly high but well below last week's high.

The bullish case is last week's low is nicely protected while bearish case is markets are still trading last week's range so take your pick.

 On EOD charts, break of 7450 will be bearish while holding above 7700 will be bullish.

On weekly charts, we see bias as turning down solely because of the bearish engulfing candlestick.

Intraday chart analysis

On 5 min charts, we had a sell based on the first 3-4 candlesticks of the day... this trade got stoplossed above 7615-7620 spot. The resulting long trade was profitable till close of market.

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

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