Nifty Weekly Update for June 30-July 4 - Inder Bhatia

DAILY CHART: Last week Nifty fell down by 4.85 percent. Bears took control of the street and hammered Nifty and Sensex on the down side Friday. After making lows of 4093, Nifty saw a smart rally of 4300, in which it retraced 38 percent of the fall from 4668 to 4093. However, all the fizzled out on Friday, with a close 4136, which is near the 4000 level. Here there are some multiple supports of 4032 -3981 levels, but there a much stronger support near 3861. The trendline is as shown on the weekly chart below. For the coming week, closing above 4195 Nifty can test 4240-4294.

WEEKLY CHART: On the weekly Nifty broke the range and closed at a new low. The new range would be 3861-4400. Market players are singing a new song: "Bears are Kings like Singh is King".