The Indian Markets has witnessed a good amount of profit booking yesterday. This has pulled down the Sensex and Nifty to little lower levels. However, the US Markets has opened and performed on a positive note in Aug 4th Session, this makes us to breath little easy. Asian Markets also started up quite good this morning. Hence, we can expect a good positive trend in Indian Markets.
If Nifty opens above 4684 and stays above this level, it has some strong Resistance at 4727 and 4773 levels, if Nifty manages to break these levels, the next strong Resistance level is at 4815. In case, Nifty open below 4684 levels, then we can find support at 4638 and 4596 levels, if Nifty slides beyond this point, then the next strong support is at 4549 levels.
Since, global market cues are highly positive in nature due to extended earnings, we can expect a good positive movement in the Indian Markets.
Thank you for joining this discussion
Happy Trading!
Day Trading Analyst
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