February 10, 2015

Market outlook

Possible bar reversal in nifty charts. We had an outside day with day's high low nicely exceeding previous day's high low levels. Closing was well within the yesterday's body so this can have bullish moves tomorrow.

Watch for crossover above today's highs 8650 spot for confirmation.

Option writing points to support at 8500 and resistance at 9000.

EOD charts

Intraday charts - first bar was strongly bullish... if you could enter the market after the first bar, fine otherwise there was nothing much to do later on except get whipsawed.

Wild swings or moves like this usually point to a trend reversal so let us see what happens tomorrow.

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