December 17, 2014

Market outlook

Trend is down and will reverse on close above 8630 spot.

Today, markets formed a hammer... this has bullish implications if nifty can trade above today's high tomorrow.

Markets remain oversold as of now but in strongly trending (down) markets, this is normal. Let us if we get a bounce from current levels.

EOD charts

Intraday charts

We had a sell on close below first box... this short trade reverted to buy on close above second box. Long trade exit was on close below 3rd box or at 8080 (day's high). Subsequent trades were unreliable.

Note: I did not trade today after 12.30pm.

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