Let's recap the important points till now
- The Fundamentals are settling down now, so any dip below 8000 would be a buying opportunity for Investors. One could also look at quality midcaps below that level.
- A breakout above 8670 with good volumes should see Nifty carrying all the way till 9019; on the other hand if 8305 is breached then it should go all the way till 7980;
- The outlook for the Swing is that present state of confusion should be resolved by End of the Aug-F&O-Series
- Nifty could bounce with a vengeance as long as it trades above 7800.
- Minimum upside target for the following bounce would be 8383 on the high
- The Critical HVN is at 8445, which is now a strong resistance; and 8423 is it's entry door
- Nifty is Bracketing in the Intermediate Term, as evidenced by Composite Overlay Demand Curve
Now the notes for this week
- Nifty made a low 7667, and bounced from there, a bounce that has been sluggish so far
- And, so far this bounce looks corrective in nature
- As long as Nifty trades above 7920, it might continue to strive for 8383, otherwise it might fall down to retest the supports below 7833.
- Nifty has been unable to find value below 8485; it may return to that level in a snap
- Overall World markets are under pressure, but a retest of recent lows can't be ruled out completely (TYPO:CORRECTED)