Market outlook

Daily charts:
- trend is up on daily charts
- today nifty closed 1% in negative at 9205
- this was inspite of a gapup opening of 2% plus
- AD was 1:2

- have been saying for a while this is a bear market rally
- all buy signals (indicators) will fail

- rising wedge break means high chance of retest of 7500

- today... continuation bar seen

- below 9000... expect fall to be faster




5 min charts:
- today markets traded in prev day's range
- all indicators will fail in a rangebound market
- initiated shorts in circled area
- covered 50% near close and carried forward rest



15 min charts: