September 30, 2014

Market outlook

Some signs of buying today which got fizzled out soon.

So the impact of Friday's apparently "good news" of S&P upgrading India's outlook did not impress the market. So much for fundamentals. And when markets sell off on good news or ignore them, it means something else is happening.

EOD charts

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

Hourly charts point to rangebound trading with support at 7845 and resistance at 8040 spot. Note that the most recent significant bar is a down bar.

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