Likely correction ahead

WEEKLY TECHNICAL ANALYSIS

Nifty

S3152404475 S2153004490 S1153654510 Close155664566 R1157654625 R2158254640 R3158904660 S = Support; R = Resistance  The futures and options expiry for the July series, coupled with the ongoing earnings season, is likely to add to the market volatility.  The Nifty touched an all-time high of 4,601, before settling with a gain of 61 points at 4,566. The index is likely to counter stiff resistance around 4,620 levels, while on the downside the index may find support around 4,480-4,510.  Among other indices, the CNX 100 and CNXIT indices, too, moved on expected lines. The CNX 100 index is expected to take a temporary halt around the 4,530-mark, also mentioned last week. The index touched a high of 4,517, and finished with a gain of 48 points at 4,481. The index may find support around 4,395-4,425, below which the index may tumble to 4,250.  The CNXIT index is likely to find support around the 5,160 level, on the upside the index may rally up to 5,300.