Index levels & Views for 20 Aug

Nifty Spot closed at 11053

Resistance at 11120/ 11180

Support at 11010/ 10940

BankNifty closed at 28186

Resistance at 28490/ 28600

Support at 28040 / 27910

View: - Yesterday was a Narrow range day in both Nifty & BankNifty.

First move likely in direction of 1st range breakout of yesterday. We are close to lower end of the range, so expect first move to be on downside in Index to the lower support levels. Not expecting a big range either side, markets have got sideways big time.

Yesterday there were 72 stocks in NR7 Scan, indicating low interest & lack of momentum in Markets. Keep trade size low due to this.

I will update on a change of view based on action post market open.