Nifty Updates for the Week - Inder Bhatia

Hourly Charts: Nifty closed in deep red with heavy losses backed by unfavorable inflation, which rose to 42-month high of 7.61 percent. Nifty is in the oversold zone on hourly chart and near major trendline as shown on chart it can test lower line and take bounces from trendline.Daily Charts: Last week Nifty lost 4.7% and closed below 5000. On the daily charts, Nifty is in a channel and coming to lower band. Nifty has strong support zone 4940-4880. In the coming week if Nifty closes above 5070, on upside, it can test 5110–5168. If it falls below 4970, it can test 4883-4733, which is a key level to watch -- a lower trendline as drawn on chart.

Weekly Charts : The Weekly charts show we are still rangebound at 4900 lower levels and 5400 upper strong resistances levels. However, on the weekly charts, Nifty has made a bearish engulfing pattern.