Nifty Update for June 9-13 - Inder Bhatia

HOURLY CHART: The Indian market closed on a deep red note. The market saw some sharp cuts at the end of session. Inflation for the week ended May 24 came in at 8.24 percent. On the hourly chart we are near major support of 4468. Breaking below it, Nifty can test 4370 on the downside, while on the upside 4731 will act as strong resistance.

DAILY CHART: Last week Nifty lost 4.98 percent and closed near the day's low. We are near a major support of 4468-4500. Breaking this important level could see a move toward 4400-4265. As the Dow Jones has closed weak on Friday, a full impact on Nifty would be seen on Monday. Last week, 4934 was given as a key resistance level, but the Nifty was not able to cross 4752, which is also a key resistance; if Nifty had managed to close above it, we could see 4827-4911. On the lower side 4566 -4380 would act as a support zone.

WEEKLY CHART: We are still rangebound at lower levels of 4650 and 5400 upper strong resistances level. If we close below 4650 we can see lower levels 4468-4375 and major red line 4003.

HOT STOCK: SELL EDUCOMP