Nifty Update for Week August 18-22 - Inder Bhatia

HOURLY: The Indian market saw a selloff from higher levels and closed in the red zone. As the Nifty cracked below 4470 levels more selloff pressure was seen. For the coming session, if Nifty goes below 4421, it could test 4396-4370 levels. However, on the other side, 4504 will act as the resistance zone.

DAILY: Last week the Nifty closed with loss of 2.18 percent and broke five weeks of momentum gain. On the daily chart, Nifty has just closed near the support trend line. Below this, we could see more selling pressure toward 4394-4298 zone. For the coming session, if Nifty closes below 4425, we could test the 4351-4311 zone. If the Nifty manages to close above 4504, we coud test 4579-4600 levels.

Weekly: Nifty has not been able to close above the channel line and faces resistances at higher levels. Breaking below 4370, more selloff could be seen, and closing above the channel line on a weekly basis, more upside cannot be ruled out.