Nifty Weekly Technical Analysis for Week Beginning 30 July

July expiry closed with a loss of 106 points to June and August series started with a bang with Nifty making a high of 5149 but selling off in later half of session.Macro concerns regarding health of Indian economy and huge sell off in mid caps following margin funding problem lead to deterioration of sentiments. Mid caps were butchered in last 2 sessions as most of them were down between 20-45% in 2 sessions. Rumors of Ketan Parik and Kolkatta Brokers going bankrupt were talk of D-Street but no materialist evidence was present.
Investors can use these opportunity to buy mid caps like Amar Remedies, Parshvanath in pyramid format.
The week ahead would be news-heavy with the RBI and the Federal Reserve holding their monetary policy meetings next week. Progress of monsoon, PMI numbers and earnings announcements will be other drivers in the short-term.

Nifty Hourly Chart

Nifty Hourly Charts are trading in a parrell channel with an aberration  last...

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