August 12, 2014

Market outlook

Broader trend is up with support at 7450 spot. Immediate resistance at 7800 breakout above which can lead to a rally to 8000 levels.

EOD charts

Option writing points to support at 7600 and resistance at 8000. Incidentally option writers, as of now, do not expect markets to cross 8000.

Intraday charts

On 5 minutes, gapup opening followed by breakout above 7675 spot was bullish.

On hourly charts, we have swing high at 7750. Note the large overlapping legs - this makes difficult to trade and it points to a rangebound market. On the flipside, we however have a trendline breakout.

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