EquityPandit’s Outlook for Nifty for week (August 03, 2015 – August 07, 2015):
Nifty ended the week on absolutely flat note.
As we have suggested last week that the index has the support around the levels of 8350 and the index hit a low of 8321 and bounced back.
On weekly charts the index has formed a Hammer pattern in downtrend indicating the trend reversal.
Above the levels of 8550 the index can move to the levels of 8700 where upper end of channel is positioned.
On 04/08/2015, RBI is announcing the quarterly policy which will decide the direction of the markets going forward.
Technically the index is poised to move forward towards the levels of 8800.
Support for the index lies in the zone of 8350 to 8400 where short term & long term moving averages and channel support are positioned.
Range of the week is seen from 8350 to 8400 on downside to 8700 to 8750 on upside.