Weekly Market Outlook Report - Mr. Abnish Kumar, Technical Analyst, Aadya Trading & Investments

Nifty ended with inverted hammer on its weekly chart which might be a bearish sign for coming week and bears might drag the market further once 9780 level is breached convincingly on a closing basis which is provided by 50 DMA and acting as a strong support at present levels. Momentum indicators are still moving further down in favor of bears and might attract some more selling pressure.

As per OI data a short term base is seen developing at 9700 while upside range comes at 10000. Though it may change over a period of time but a break of this only will give a decisive move to Nifty in coming sessions. A lack of participation and selling pressure in Nifty Bank, Pharma coupled with IT, due to Infy, is what keeping Nifty at lower levels. So any change in breadth of these sectors will play a crucial role for coming sessions to determine the trend.

We expect select few stocks to do well and have a approach with stock specific actions. Bharat Financial, Sail and Hexaware we believe to perform well in August series.

Source : Equity Bulls

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