Market outlook

Daily charts:
- trend is up on daily charts
- markets closed marginally in positive at 10402
- AD was flat
- option writing support 10000
- expecting resistance around 10500

- if markets reverse from 10500, correction to 10200 possible.




5 min charts
- breakout above prev day's high was buy signal
- but markets could not sustain
- rangebound trading thereafter

- I expect selling pressure as markets approach 10500 levels so doing nothing may be a good idea



15 min charts
- trend is up
- range compression so false signals possible