Nifty Update for Week Sep 1-5 - Inder Bhatia

The Indian market opened on gap-up, and sustained gains to close with handsomely in the green zone. For the coming session we could witness more upside toward 4398-4413. On the other side 4284-4313 would act as a support zone.

Daily: Last week nifty closed with gain of 0.80 percent. The market saw a smart recovery from lower levels, propelled by lower inflation and a further fall in crude. The Nifty opened gap-up on Friday and closed near the day's highs.

On the daily chart the Nifty has formed a Marubozu candle which is a bullish sign for the bulls. The Nifty has taken support from the 50 percent retracement of a rally from 3790-4650 levels, and is still holding a higher top and higher bottom formation as shown on chart.

Weekly: On the weekly chart the Nifty has made a Hammer pattern again, which is a good sign for the bulls. Crossing above 4398 it could test 4501 levels. For the coming session we could test 4379-4438 levels. We could see some profit booking near 4413-4450 zone. On the other hand, 4320-4280 will act as a support zone. For this week the key level is 4320.


The Nifty weekly Hammer closing pattern above 4398 - target 4501.