WeeklyUpdates For 17May10-----InderBhatia

SELL BANKOFINIDA BELOW 329 TGT 310>297STOPLOSS338

BUY SUNPHARMAABOVE 1603 TGT 1635 >1659 STOPLOSS 1586

Nifty weekly support around lower end of channel above chart is invert nifty weekly chart

The Indian market opened on weak note and saw selling pressure on second half session close with red zone . On the hourly chart nifty hade made Double top around 5226 zone or we can say M pattern and breakout below 5096 it likely to test 4966 the breakout range as shown above chart . On the other side 5126 zone will act resistances for the day .
Last week sensex ended with net gain by 1.3% and nifty closed positive by 1.5%,On Monday market was up by more than 500 point and nifty 170 point around 5200 zone but every time nifty went near 5200 zone but not able to sustain and close above 5226 level finally on Friday we saw sharp sell off from higher level . On daily chart Nifty retrace 61% pullback around 5200 zone and came down nifty is forming lower top –lower bottom formation indicates for more down side ,If nifty trade below last week low 4986 it likely to test 4860 zone as shown on weekly chart.On the lower side minor support around 4900-4860 zone , For any upside nifty has breakout from the channel