Nifty Update for the Week July 21-25 - Inder Bhatia

Hourly Chart: The Indian market closed on a green note. The market reacted on global cues and finally broke out from the range and closed near day's high. It was the second consecutive day that the Nifty closed near the day's high. For the coming session, we could see the Nifty facing resistance near 4146. If the Nifty is able to cross 4150, we could see more upside to the 4211-4300 zone. On the the lower side 3966-4040 will act as the support zone.

Daily Chart: Last week nifty closed with a gain of 1.07 percent. The Nifty has made new low of 3790, but managed to close above last week's closing. On the daily chart we are trading a channel. A breakout from the range 4167 can see good move to 4340-4500 zone, as shown on the chart. The RSI has formed a higher top and clean divergence on the chart.

Weekly Chart: We have broken the previous range, and the new range will be 3770-4400. On the weekly chart, the tails are showing that bears are losing control. After hitting a new low of 3790, bulls managed to close above last week's close. We have formed a Hammer pattern. For the coming week, a close above 4105 can test 4211-4316 levels. On the lower side, a close below can test 3930-3882 . Overall, indicators are pointing to an upside, but in India we cannot believe the politicians.