Views On Market For Tomorrow (06th-Aug)

It was another quiet day of trade as lack of direction from global markets had our market trading without much volatility. For most part, the market traded steady and within a range but towards the end, it gave up some of its early gains dragging the Nifty down below the 5450 mark.

Today market has witnessed another quite day and traded as profit booking session after touching a new 52 week high. A phase of consolidation is likely to continue for next 2-3 trading days. For tomorrow Nifty would have a support at 5,421-5410 and resistance at 5,475-5490 and BSE Sensex has support at 18,080-17960 and resistance at 18270-18322.

Nifty is having major support at 5,418 and if it trades below then we may see further downside. One can observe Nifty daily reports and charts with Broadening price formation. Broadening price formation indicates consolidation within the trading range. Current Nifty trading range is 5,400 & 5,510 level.

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