January 7, 2015

Market outlook

Broader market is tracing out a triangle between 7960 and 8450 spot. So expect a small bounce before another drop to 8000 or below. Note that I am expecting any move to form a ABC pattern (ignore this statement if you are not comfortable with Elliot waves).

Option writing points to support at 8000 levels.

EOD charts:

Intraday charts:

Nothing to do much on intraday charts... there was a possible short trade after 10am when markets failed to cross the initial day's high. But this trade gave nominal profits.

On hourly charts, expect a bounce...

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