EquityPandit’s Outlook for Nifty for week (July 13, 2015 – July 17, 2015):

NIFTY:

Nifty ended the week with the loss of around 1.5%.

The index virtually underperformed the global markets which remain flat to positive for the week.

The index has formed a Shooting star pattern on the weekly charts.

After all the Greek Drama during the week the index has retraced back from the levels of 8550 where trend-line resistance was positioned.

The index has formed a hammer pattern on 10/07/2015 in downtrend indicating the trend reversal.

From the chart it is seen that the index has the minor trend-line resistance around the levels of 8550. If index manages to move above the levels of 8550 to 8600 we can see index moving towards the levels of 8800.

Support for the index lies in the zone of 8200 to 8300 where 50 Daily EMA and trend-lines are positioned.

Range for the week is seen from 8200 to 8300 on downside to 8600 to 8700 on upside.