Nifty Update for July 16 - Inder Bhatia

The Indian market closed in the deep red zone. Market opened gap-down tracking weak cues from the global market. There was no relief in sight for the bulls. The Nifty broke the channel line in the morning and was not able to sustain. It drifted down and made a new low. For the coming session, below 3850, we can see the Nifty drift to 3779-3700. On the other side, 3960 will act as resistance. The market is expected to react more on global cues.