December 24, 2014

Market outlook

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

Within this downtrend we have a rally which may have fizzled out. This is now setting support (swing low) at 8000 and resistance (swing high) at 8400.

Within this range, it makes sense to do nothing unless you are a daytrader.

Option writing points to support at 8000 and resistance at 8400 (JAN series).

EOD charts:

Intraday charts

Break of 8260 F leads to intraday correction... this level later on provided resistance.

On hourly charts, we have a sell signal as nifty closes below 8200F. Expect or be cautious of whipsaws as the markets are entering into a small range.

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