August 22, 2014

Weekend update

NIFTY gives a breakout and closes at weekly high.

EOD charts show rangebound trading... reversal level is 7540 spot

Option writing points to support at 7800 and resistance at 8000 (diminishing)

Weekly charts show clear breakout and highest ever weekly close.

Summary: trend is up. Close above 8000 can see a rally of another 200-300 points.

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