Nifty Update for Week Sep 8-12 - Inder Bhatia

The Indian market opened gap-down and traded in a tight range. The markets slipped further in the second session of trading and closed in the deep red zone. For the coming session if the Nifty is above 4375, we could test the 4435-4485 zone. On the other side 4305-4284 would act as a support zone.

Weekly Chart: Last week, the markets closed with a marginal trading loss of 0.18 percent respectively. The markets are trading in range as shown in the chart between 4160-4650. Nifty has reached our target of 4501 as indicated by the previous weekly hammer but it closed in the red zone.

For the coming session we could see the Nifty open gap-up on Monday, following the NSG meet at Vienna. On the daily chart, the Nifty is still holding a higher top and higher bottom formation, which is a good sign for the bulls. On the upside side, the Nifty would face resistance at 4455-4515 zone, while on the lower side 4320-4264 would act as a support zone. For this week, the key levels are 4385.

The Nifty's weekly trading range in 4160-4545.