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.