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Below is Weekly Nifty Update by Mr. Anuj Gupta, Vice President, IIFL Securities

As expected nifty recovered from lower level of 15511 and closed 0.34% higher at 15752 levels.

We have noticed that Indian Govt. has taken few steps to curb the inflation like imposed windfall tax import duty on Gold, exis duty on Petrol, diesel and reduce LPG gas prices.

These steps work as a positive for the equity market which boost the sentiments of the traders. 

For the next week nifty may find support at 15450 and than 15050 levels . Resistance may faced at 15900 and 16200 levels.

Technically it is forming a higher top higher bottom formation which may attract buyers. 

We are recommending buy on a dips around 15350 to 15450 levels with the stoploss of 15050 for the target 15900 to 16000 levels. 

However fear of recession in US market and in globe may work as a barrier for the market on higher side.

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