Nifty Update For Week ending July 17, 2015

Expectations for the week: (Week ending July 17, 2015 -All Nifty levels refer to Nifty Futures) During this week as long as Nifty does not close above the level of 8434 mark, market is not expected to go up. This implies that the point of 8434 is a trend deciding point for the week. On Friday, July 10, 215, Nifty closed at 8385.55, which is away from this trend deciding point. This suggests that nifty can move down to the first weekly support of 8307 mark. If this level of 8307 is sustained in the early part of the week and Nifty turns from this point or much before this point, then Nifty is expected to move towards the trend deciding point of 8434 mark. A further buying pressure here can take nifty up and can change the immediate trend to positive on the event of nifty closing above 8434 mark. If this happens then demand pressure will multiply and will take nifty to the level of 8542 mark or 8669 mark, depending on the force of demand. If Nifty is unable to cross this mark of 8542, then Nifty is quickly expected to slide towards 8434 mark and then on further selling pressure, it could break this trend deciding point. On the other hand, if selling momentum is strong enough to breach the first weekly support of 8307 mark, and if nifty closes below this 8307 mark, then further selling pressure can take nifty down to touch the level of 8199 or 8072 based on the supply pressure. Hence the point of 8434 will play a crucial role this week and will go a long way in deciding the forth coming trend of the market.