Technical Views On Markets For Tomorrow (11-Aug)

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Nifty made a high of 5,491 and corrected to 5,440 (5-DMA) level Today .  Nifty is trapped in a sideways pattern and a breakout on either side will set the future trend. As said before, Nifty is trading in a Broadening Price formation which has a resistance at 5,510 level while the crucial support will be 5,400 level. Looking at the Daily Reports and Nifty Charts it looks overbought and is due for the technical correction below 5,510 level, so the Technical Bias below 5,510 remain negative. A breakout above 5,510 only will be treated as the continuation of the earlier up move and will negates the earlier view.  On an intraday basis, Nifty spot should find support near 5,420 & 5,394 level while the resistance will be at 5,465 & 5,486 level.

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