January 29, 2016

Market outlook incl weekly and monthly charts

Monthly charts
- trend is up on monthly charts
- current phase is a corrective phase
- very good support around 6300 levels

Weekly charts
- trend is down on weekly charts
- falling channel is a corrective channel
- nifty has taken support at lower end of channel and is bouncing up
- now resistance around upper end of channel (approx 8000 levels)

Daily charts
- trend is up on daily charts
- note there is no lower swing high formed as yet
- I am bullish for simple reason of the patterns formed in past 2-3 days and today's breakout
- advance decline 2:1; VIX drops 4%
- option writing support 7400-7200 - excellent clue.

Hourly charts
- trend is up on hourly charts
- swing low/ reversal level 7400

5 min charts
- break from initial trading range was bullish
- cover on close

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