February 27, 2015

Market outlook

Nifty bounces off the minor trendline and rallies smartly.

The bigger picture hints at 2 possibilities:
- nifty forms a lower swing high (current swing high is 9000) leading to break of 8470 / new lows or
- nifty forms a higher swing low (current swing low is 8470) leading to break above 9000/ new highs.

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

EOD charts ... now 8660 is a good reference swing low

Intraday charts... one way up... 2 initial buy signals whichever way you look at it.

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