Nifty Update for July 8 - Inder Bhatia

The Indian market closed in the green zone. The market saw a gap-up opening but could not sustain at higher levels and continued to drift lower down, although it managed to close in the green. On the daily chart, Nifty had made an “inverted hammer”. The market is however facing resistance at around 4107. Another factor that is affecting the markets are political in nature, that of the Left withdrawing support. We will see a clearer picture only after July 10, until then it would be a roller-coaster ride.