Market Views And Trend For Monday (09-Aug)

Nifty charts and reports suggest that Nifty has corrected today and test 5 DMA support of 5,440 level. If the correction continues on Monday then Nifty should find the channel support of 5,400 level. A breach below 5,400 will drag Nifty to a very crucial level of 5,340. As said before Nifty is trading in a Broadening price formation with 5,340 as the pattern support and 5,510 as a resistance. Though market bias above 5,420 is positive, 5,510 should act as a crucial resistance from where a correction could be expected. A breakout above 5,510 only will be treated as the continuation of the earlier up move.

On an intraday basis, Nifty spot should find (PIVOT) support near 5,407 & 5,383 level while the resistance will be at 5,463 & 5,487 level.
The crucial support levels for BSE Sensex on the downside is 18014-17951 and resistance at 18286-18340.

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