November 13, 2014

Market outlook

Past few days action points to selling at higher levels and unwillingness of bulls to add more positions. This is also evidenced by multiple dojis.

At a broader level, 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 resistance at 8500 (NOV series).

EOD charts show 5-6 of small trading ranges and dojis.

Intraday 5 min... shows short areas. I was short on first box, then covered and then long at second box and got stopped out. Did not play the 2nd short trade.

30 min charts show clear support at 8290 spot.

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