
Deepak
Index levels & Views for 5 Aug
Nifty Spot at 10997
Resistance at 11020 / 11075
Support at 10900/ 10850
BankNifty closed at 28204
Resistance at 28430 / 29530
Support at 28045, 27940
View: - Bearish for lower levels, Market is not able to close above previous day high since many days now, unless yesterday high is not crossed & closed above it view remains for downside. Market has entered next zone for down move which is projecting levels of 10730 to 10590 levels on Nifty, this view becomes invalid if we get past 11110.
Plan for today: - Sell all rallies, we will wait for pullbacks to sell for break of Friday's low
I will update on a change of view based on Market opening.