Markets give a fantastic weekly close ... trend remains up and will reverse on close below 8300.
Note that markets have fully retraced the the fall of 25th NOV. I said in a previous post that "inability to ... close above 8535 can lead to start of a bigger correction. First confirmation will be break of 8400 spot". So markets have closed above 8535 and confirms trend is still up.
Option writing (DEC) points to mixed clues. Support at 8500 and resistance at 8600-8700 levels... Difficult to arrive at a clear understanding where option writers see support and resistance this series.
EOD charts: nice gapup opening on Friday and close at weekly high is a bullish. Next week, close below 8400 can be a problem.
Weekly charts: Trend is up and will reverse on close below 7700. Immediate support 8300.
Intraday charts: I am using spot charts as today is first day after expiry and futures charts may not match with previous days.
On 5 min charts, we have a nice gap up opening but close was not so encouraging.
On 30 min charts, we had close below the low of a rangebound session.
On hourly charts, trend is still up and will reverse on close below 8430 spot.
Note that markets have fully retraced the the fall of 25th NOV. I said in a previous post that "inability to ... close above 8535 can lead to start of a bigger correction. First confirmation will be break of 8400 spot". So markets have closed above 8535 and confirms trend is still up.
Option writing (DEC) points to mixed clues. Support at 8500 and resistance at 8600-8700 levels... Difficult to arrive at a clear understanding where option writers see support and resistance this series.
EOD charts: nice gapup opening on Friday and close at weekly high is a bullish. Next week, close below 8400 can be a problem.
Weekly charts: Trend is up and will reverse on close below 7700. Immediate support 8300.
Intraday charts: I am using spot charts as today is first day after expiry and futures charts may not match with previous days.
On 5 min charts, we have a nice gap up opening but close was not so encouraging.
On 30 min charts, we had close below the low of a rangebound session.
On hourly charts, trend is still up and will reverse on close below 8430 spot.
No comments:
Post a Comment