Friday, the 13th, spelled some doom as the Nifty closed on a weak note at 7814.90 on May 13. This was because of the world market’s negative outlook and selling pressure brought on by profit booking. Nifty has support at 7775 and 7700. Chances of the Nifty moving down below these two levels though are remote.

Key resistances for the Nifty are at 7911 and 7998. On Friday, India VIX jumped up by around 4.1 per cent to 16.99 per cent, indicating cautious market outlook in the beginning of this week. On Friday, Dow Jones too closed lower due to poor quarterly earnings of corporates. European markets, too closed in negative territory with expectation of poor GDP growth. If Nifty comes very close to 7700, one can initiate long positions with appropriate stop-loss.