Nifty Update for the Week August 11-15 - Inder Bhatia

Hourly Chart: The Indian market saw smart recovery after the initial dip and closed in the green zone. Nifty had bounces from the lower trend line 4461and closed above 4500 levels. For the coming session if Nifty is able to cross 4583 we can see rally up to 4638-4680 zone. On the lower side 4460 will act as support zone. Breaking below the channel trend line would witness some selling pressure.

Daily Chart: Last week the Nifty closed with the gain of 2.63 percent. The Nifty and Sensex are making an Inverse Head and Shoulders pattern on the daily chart, which gives a target of 5100 levels. However, we could see some profit booking around 4680-4730. For the coming session if Nifty is able to close above 4588, we could test 4642-4722. Closing below 4502 Nifty would test 4460-4396 levels. For this week, key levels for Nifty is 4500.

Weekly Chart: We had mention about bear losing control on weekly chart. If Nifty closes above 4583, the next target would be 5000.