Nifty Update Weekly August 4-8 - Inder Bhatia

The Indian market saw smart recovery after the initial dip and close near the day's high, crossing above 4445. Breaking the falling trendline we could test 4548-4650. On the lower side 4250-4146 will act as support zone.

Last week the Nifty closed with the gain of 2.36 percent. Nifty has held the 50 percent retracement of the rally. I had mentioned about the Nifty had stopped making lower tops and lower bottoms, and had formed a higher top and higher bottom, as shown in the chart. For the coming session, Nifty would test 4539, but I will say that Nifty slowly and steadily is heading for 4750.

I will add a graphic of the Tortoise and the Hare. The same thing is being seen in the market, between the bulls and the bears. Bears will keep dreaming of 3600-3200, and slowly the bulls will take the market toward 4750.



Weekly: I had mentioned about the bears losing control. Now 4552 will act as a resistance, and breaking the falling trend line could see more upside. Market would range 4600-4200.