September 29, 2014

Market outlook

Friday's bullish piercing bar failed to generate any follow through buying thus negating any bullishness the one day rally created.

This means the previous trend i.e. down is likely to continue.

For any bullishness, sustaining above 8000 is a must.

Option writing points to support at 7800 and resistance at 8200.

Hourly charts point to resistance at 8000 and support at 7845 spot.

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