November 27, 2014

Market outlook - limited upside in DEC?

Trend is up and will reverse on close below 8300.

Note that markets have closed in the positive for 2 consecutive days but have not retraced the fall of 25th NOV. Inability to do or close above 8535 can lead to start of a bigger correction. First confirmation will be break of 8400 spot.

Option writing (DEC) points to resistance at 8500 levels... there is no clear indication of where put writing support is available. All this might mean limited upsides with possibility of a good correction.

EOD charts:

Intraday charts: all these are spot and not futures charts

5 min charts give no clear direction

15 min charts show trend as up with reversal below 8460.

On 60 min charts, we have a slower retracement of the fall of 25th NOV... so while the trend is still up, it is weakening.

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