Market Technical Views For Tomorrow(13-Aug)

Today Nifty managed to close above 5,400 even though it was below the mark for most of the day. It was the last hour of trade that saw better volumes and a sharp movement. The better than expected quarterly number of SBI helped the markets to recover. The Banking index also tested the highest level in a year and this may prove helpful for Nifty giving it support to stay above 5,400 mark.

For Market Tomorrow it is expected that market may trade in range bound, and some more consolidation might be seen in trading tomorrow. Looking at the Nifty Reports and Charts today Nifty witnessed a strong pullback after testing earlier drawn Channel support of 5,385 level. Nifty has an immediate resistance near 5,440- 5,450 level while the downside support will be near 5,400-5,385 level. Breach below 5,385 will add further more selling pressure inthe market . Below 5,385 level Nifty should find support at (Broadening Price Channel Support) 5,340 level. Overall bias below 5,440 level will remain negative. A breakout above 5,510 will negates the earlier view and could lead towards 5500 levels.

On an intraday basis, Nifty has an immediate resistance near 5,440- 5,450 level while the downside support will be near 5,400-5,385 level

BSE Sensex Should find support level at 17,915-17823 and resistance level at 18,220-18,300

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