November 12, 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 shows selling at higher levels

Intraday charts shows inability to sustain at higher levels

 On hourly charts, we have trend reversal on close below 8290 spot.

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