September 24, 2014

Market outlook

Trend is up and will get "stopped out" on close below 7920 spot.  However expect support near 7850 spot.

If we get an exit signal, this will be the first sell signal after 1800 points rally in nifty.

On intraday charts, notice the drop in trading range and close near open. This will be a bullish sign if markets can sustain above 8030-8040 spot tomorrow.

Hourly charts show support at 7920 and resistance at 8060 spot.... so here we have evidence of rangebound markets as well.

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