November 11, 2014

Market outlook

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Immediate support 8290 spot... break below this lead to start of correction.

Option writing points to support at 8000 (NOV series).

EOD charts

Good support at 8290 spot is visible on hourly charts

5 min charts show the areas for shorting and covering. Note that I took another short trade after 1 pm but got stopped out.

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