October 1, 2014

Weekend update

This is a short week! Markets will be closed for 5 days and will now reopen on Tuesday. Not aware of any other country where this happens. With so much interlinking of markets, it is high time the powers-that-be provide a trading session on an alternate day like Saturday.

Back to charts....

On EOD charts, trend remains down with reversal level at 8200. Support exists at 7800.

Both these levels also have highest open interest for options.

Weekly charts show rangebound trading with no clear direction. Here trend reversal level is 7540 spot.

Hourly charts show swing reversal level at 8040 spot. Immediate support is at 7935 spot  and below this 7845 spot.

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