August 13, 2014

Market outlook

Broader trend is up with SL at 7450... poor advance decline indicates selling at higher levels.

EOD charts

Intraday charts

On 5 min charts, we have rangebound trading... no clear signals.

On hourly charts, we have strong resistance at 7750 spot. Note that because of the increasingly rangebound nature of the market, it is becoming difficult to trade. So it is better to stay on the sidelines and let some clarity set in.

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