Nifty  Weekly Update

Nifty manages to reclaim 8000 level in September series  on Friday and closes up 53 pt at 8001.95 and Sensex up by 161.19 pt  at 26392.38 amid the volatility.Indices posted 3.6% weekly losses . Weak global markets and sharp depreciation in rupee the main reason behind the correction in the markets.Sell off by FII aided the momentum of the fall. However on Friday Indices traded in the positive trajectory backed by strong US and Asian market but seen huge volatility during the mid session followed by weak European market.

Next week some major data releases will set the tone for the direction of the market. Q1 GDP data for June 2015 will be released on Monday 31st August 2015.Shares of public sector oil marketing companies (PSU OMCs) will be in focus as a regular fuel price review is due at the month end.Automobile companies will be in focus as they will start announcing monthly sales volume data for August 2015 from Tuesday, 1 September 2015.

On Global Front Eurozone Market Manufacturing PMI data for August 2015 is due on Tuesday, 1 September 2015. European Central Bank's (ECB) monetary policy statement is scheduled on Thursday, 3 September 2015. On the same day, Eurozone Market  Services PMI data for August is due.In US Market , the crucial monthly non-farm payrolls data for August is due on Friday, 4 September 2015.

All the above factors will dictate the market direction in the week to come.

Nifty CMP 8001.95 (Spot)

Resistance Level 1: 8050

Resistance Level 2: 8150

Support  level 1:  7950

Support level 2:   7900

Note: Levels are for references  and valid Intraday only