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.