October 7, 2014

Market outlook

Trend is down and will reverse on close above 8200. Minor swing level is at 8040 spot.

Strong support exists at 7800 and this is also evidenced by option writing activity.

If you are short, this will be a good time to  book some profits. The best clue will be available from intraday charts tomorrow.

Hourly charts

Today 5 min charts gave fantastic clues for a short trade... refer shaded area.

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