August 11, 2014

Market outlook

Broader trend is up with support at 7450 spot.

On EOD charts, we had a gap up opening but this failed to bring in new bulls. Ideally I would have been happy with a close of 2% + or so but this was not to be.

All this might mean that markets are not likely to go anywhere soon and we can expect rangebound trading for some time to come.

Intraday charts

On 5 min charts, trading was pretty much rangebound with all activity concentrated within a 30 point range.

On hourly charts, trend is still down

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