Nifty 8,564.6 : Next supports are 8,430 and 8,323.

The Nifty moved sideways with a slightly positive bias over the past week. But the net gain for the week was just 31 points.

The week ahead: The sideways move has retained the short-term view in the index. The Nifty is yet to break above the key resistance in the band between 8,600 and 8,650. The short-term trend is up and a break above 8,650 can take the index to 8,757 or 9,027.

But as explained above, the significance of the resistance around 8,650 increases chances of the index reversing from these levels to hurtle lower towards 8,400 or even lower.

Fresh longs are therefore not advised below 8,500. Next supports are 8,430 and 8,323.

Medium term trend: There is no change in the medium-term outlook as well. Downward reversal from 8,650 level will bring on the C wave down from the 9,119-peak. This wave has the targets of 7,921 and 7,471.

It is quite possible that the next wave down halts around 7,920 again, setting the stage for sideways move between 8,000 and 9,000 for few more months. Long-term investors need to start worrying only on a break of the 7,920 level.