Last week, Nifty made a new low on the back of weak global and domestic cues. The concerns over the Chinese markets and weak monsoon forecast also dampened consumer sentiment.

But the broad based buying kept the markets from dipping lower. Nifty had major support at 7539 and 7450, a move below these levels can cause further down side to the market. Resistance for the Nifty is at 7956. Movement above this level can give further momentum to the market.