Stock Market For Tomorrow (04th-Aug)

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It was a day of consolidation for the Indian markets after the good rally had been seen by y'day. For market tomorrow Nifty chart suggests a short term trend reversal above 5,400 level whereas on daily chart, the RSI is trading above 50 and below 70 level indicating consolidation in a current trend. The breach of 5,390 should trigger a selling pressure which will drag Nifty to 5,350 levels. We expect Nifty cash to trade in the range of 5,420 and 5,460. On upper side, we do not see Nifty cash moving above 5, 480.

Technical Views : Technically, the short term indicators had reached overbought levels but these indicators have relaxed over the last few sessions. This opens the scope for a further up move in the index. The index has returned to its positive zone in the Bollinger Band and the short term weakness has been overcome for now. Weekly charts continue suggesting sustainable strength.The index has also not breached important medium term levels on a closing basis so far. At present, this level stands at 5350. We had expected a period of consolidation and that is playing out very well. We remain positive on the overall trend but expect significant resistance around the 5,550-5,575 level.

On an Intraday Basis market is expected to move in a limited range and Nifty should find support level at 5,350 and resistance at 5470-5490.

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