December 29, 2014

Market outlook

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

The recent corrective rally has so failed to cross 61.8% retracement level. Now we have formation of  swing low at 7960 and swing high at 8365 levels (all spot).  Since markets are almost at halfway levels and considering that both support and resistance are nearby, it might make sense not to do anything unless you are a daytrader.

Option writing points to support at 8000 levels. This might mean limited downsides from current levels.

EOD charts:

Intraday charts (futures): are indicative of slight selling at higher levels.

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