August 18, 2017

Market outlook

Daily chart
- trend is up on daily charts
- today, NF opened gap down, tested 9800 and closed near open
- close was 0.7% negative, AD was 1:2 (not bad)
- damage in midcaps/ small caps was not much (less than nifty)
- hammer pattern formed (unreliable in present context)
- next week, holding above 9880 will be bullish
- swing low support 9700

5 min chart
- shorted near first arrow (10 lots)
- covered around 9825 F (line)
- initiated 2 long trades as per the 2nd and 3rd arrow (4 lots each time)
- first long trade stopped out, second was profitable
- overall not a bad day (can do better...)

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