Nifty Update for the Week July 7-11 - Inder Bhatia

HOURLY: The Indian market closed on a green note. It saw smart recovery at the end of session and closed with handsome gains. For the coming session we can see some more upside to 4098 if Nifty is able to cross 4107. The rally will touch 4174-4224 on the upside; on the lower side, 3960-3848 will act as strong support zone.

DAILY: Last week the Nifty fell down by 2.9 percent. Bears continue to hammer downside at 3848, but managed to close above 4000. On the daily chart, Nifty is making an "inside bar” pattern breakout. Above 4104, more upside cannot be ruled out to 4170-4260 levels.

WEEKLY: Nifty will set band of 3850-4370 levels on the weekly chart, where we have made a Bullish Hammer Pattern. However, this needs a higher opening on Monday to be confirmed, and a higher close for the next week. For the coming closing above 4011 we can test 4169 -4246 and closing below 4004 it can test 3932-3855 level.