Nifty Update for Week July 14-18 - Inder Bhatia

Hourly Chart: The Indian market closed on deep red note. The market reacts badly on the 3-Is: Inflation, IIP, Infosys. The market saw a sharp sell off, and at noontime Nifty broke major supports at 4100, to end near 4049 levels. Nifty is trading in the channel, and 3966 will act as strong support zone. If this channel is broken below 3950, it can test the 3850 zone, or we could see some bounces from the 3960 zone.

Daily Chart: Last week Nifty closed with a marginal gain of 0.82 percent. The Nifty opened with a gap-up note on Monday but could not hold the gain. The rally fizzled out on Friday and all gains vanished in a single day. The Nifty is trading in a channel and 3950 will act as strong support zone. Breaking this support zone it can drift to the 3850 zone. For the coming week, closing above 4077, the Nifty can test 4132-4210, and closing below 4044, it can test 3972-3865.

Weekly: We have broken the range, and the new range will be 3848-4400.