Nifty Weekly Technical Analysis for Week Beginning 15 July

As per Last Week Analysis Nifty made low of 5217 and High of 5349 as we discussed, Nifty has been grinding in a range of 5217-5249 for whole week, this is what happens when we have month of consolidation. Nifty Futures intraday players are having difficult time as nothing is happening,grinding in 20-30 points range. In such market best is to stay on sidelines or trade with less quantity with small expectation.
Infosys again disappointed the street and eventually Nifty broke down 5260,but do remember we are in consolidation phase and do not be surprised with move above 5300 next week. One positive takeaway from last week was  June Trade Deficit at 10.3 Billion Dollars lowest in months Immediate Impact was Rupee closed at 55.27.We are seeing an improvement in Macro data with IIP also coming at 2.2%. Monday we have inflation data which is expected to be bad around 7% ,Any surprise on downside can see the Nifty moving above 5300.

Nifty Hourly Chart

Nifty Hourly Charts have taken support at the bottom of channel at 5217 as shown in above chart. Hourly charts are over...

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