Intraday View For 05/08/13

Nifty: Resistance 5730/5755/5770

          Support 5680/5660/5621

Nifty ended lower for 8th consecutive session. Nifty gave weekly close below 5700. The event that set the tone for last week’s trading was the crucial Quarterly monetary policy review by the RBI. Though the policy
was more or less on the expected lines, the cutting of economic growth forecasts by the RBI added more to Bearish Sentiments. 

This Weeks major announcements would be Corporate Results, which will set the tone during the week.

Today, Nifty may open with marginal gap up with 5-10 pts. Immediate tough resistance @ 5730. If Nifty manages to sustain/close above it, then we can assume that, recovery may continue towards 5770-5820 zone. On lower side, if Nifty sustains/closes blw 5680, then weakness may continue to persist & Nifty may be eventually dragged towards 5620-5555 zone.

Trade with levels.
Happy Trading.
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