Nifty Update for Week August 25-29 - Inder Bhatia

Hourly: The Indian market bounced from lower levels and managed to close in the green zone. For coming session we could witness more upside toward 4370-4400 levels. On the lower side 4280-4264 will act as a support zone.

Daily: The Nifty closed with loss of 2.33 percent on low volume. On the daily chart, Nifty kissed the 100 SMA and reversed from there. It has taken support at the 50 SMA, as shown on the chart. For the coming session, if Nifty crosses 4345, we could test 4410-4423 level. On the upper side, 4450 would act as a strong resistance. On the lower side 4287-4234 would act as a support zone. Key level for the week is 4345.