Nifty Update for the Week Oct 13-17 - Inder Bhatia

The Indian market opened on a weak note on the worst global cues. Markets continued to drift lower after opening. The Sensex fell more than 1000 points trying to recover in the afternoon session but closed in the deep red zone. For the coming session we could open on a weak note and see some bounces from the lower levels. If Nifty trades above 3327 it could test 3396-3421. On the lower side 3190-3150 would act as a support zone.

Daily Chart: Last week Nifty lost more than 14.10 percent. On the daily chart Nifty has broken 3500 levels and made a new low. For the coming session we could test 3150-3058 levels, while on the other side above 3435 it could test 3500-3550 levels. The RSI is in an oversold zone. Nifty has been forming a lower low and lower top, which is a weak sign. Nifty has fallen from 4300 levels and we could see some relief rally in coming days.

Weekly Chart: Nifty has kissed the lower trend line and 3058 will act support zone.

13 OCT: Sell BHEL below 1315 TGT 1288 >1259>1150 Stoploss 1349.

Sell LUPIN below 618 TGT 586 >565 STOPLOSS 633