Weekly Outlook Nifty for week (July 18, 2016 – July 22, 2016)

Last week , Indian stock markets witnessed buying interest. For the week, both the BSE Sensex and the NSE Nifty were up 2.6%. The Nifty opened on Monday with a gap up of 90 points and added some more gains by days' end. Much of the weekly gains were registered on Monday while the markets traded in range for rest of the days.
Now it seems the index could face resistance near the upper edge of the channel as it is moving to and fro those levels just as it did in April and June. So one will have to wait and watch for further trend developments.

 If the index manages to close below 8508 levels then the index can drift to the levels of 8405-8317

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