Nifty Weekly Update for June 16-20 - Inder Bhatia

HOURLY CHART: Indian markets closed in the red, and was pulled down from its opening gain, due to high inflation. On the hourly chart Nifty is making an inverted head and shoulder formation, with the neckline at 4553. If it is able to cross this with volumes, we could test 4639 on the upside. Below this neckline, 4400-4370 is the target.

DAILY CHART: Last week Nifty lost 2.38 % percent and made a new low of 4369. Subsequently, it made 2-3 attempts intraday basically breaking the trendline but managed to closed above it. Bulls are still supporting on the lower band.

For the coming week, crossing above 4573 will break the downward channel and we can see an upmove to the 4739 zone. On a weekly basis, we have made a hammer. If we open gap-up tomorrow, if tomorrow and sustain it, we could test 4730-4758 . If it close below 4503, we can test 4443–4370. Closing above 4639 it can touch 4700-4761. For this week, the key level is 4503.

WEEKLY CHART: We are still bound in a range, with 4365 lower levels and 4950 upper strong resistances levels .closing below 4448 test of 4265 – 4030 .