On weekly charts, trend is clearly up with no signs of any reversal.
This week's 4% move has also given a new lifetime high closing.
Weekly close below 7970 spot will be first sign of trend reversal.
Fibonacci retracements show resistance at 9050 levels.
Option writing points to strong resistance at 9000 levels (FEB series) and strong support at 8000 levels. This means writers are expecting a range expansion and that too on the downside. The only fault with this analysis is that we are close to expiry and the levels can get a bit unreliable.
On daily charts, we have 3 consecutive gapups with small bodies... today, we also had the peculiar situation of a negative advance decline even as markets closed in positive. This is indicative of selling in broader market.
This week's 4% move has also given a new lifetime high closing.
Weekly close below 7970 spot will be first sign of trend reversal.
Fibonacci retracements show resistance at 9050 levels.
Option writing points to strong resistance at 9000 levels (FEB series) and strong support at 8000 levels. This means writers are expecting a range expansion and that too on the downside. The only fault with this analysis is that we are close to expiry and the levels can get a bit unreliable.
On daily charts, we have 3 consecutive gapups with small bodies... today, we also had the peculiar situation of a negative advance decline even as markets closed in positive. This is indicative of selling in broader market.
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