October 21, 2014

Market outlook

Current trend is down and will revert to buy on close above 8000 spot.

Today was the second day of "higher high higher low" formation. Within a downtrend, upto 2-3 "UP" days are considered normal. Advance decline was marginally positive.

Option writing points to support at 7800 (OCT series). 

EOD charts

Intraday charts: 5 min charts show trading regions... first box was short trade, second was long and 3rd was  cover long (short trade would have been stopped out).

On hourly charts, sustaining above 7930 is bullish.

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