Nifty for 8 August 2013

Nifty for 8 August 2013, Support & Resistance for tomorrow, Nifty, Banknifty, Auto, FMCG, Volatility

Today the markets closed with significant declines today with FMCG and AUTO sector being the biggest loser. The Sensex closed at 18664.88, down 68.16 points from its previous close, and the Nifty closed at 5519.10, down 23.15 points. The CNX Midcap index was up 1.28% while the Smallcap index gained 1.11%. The market breadth was positive with advances at 735 against declines of 438 on the NSE.

Benchmark Index Nifty will open slightly negative, support at 5467-5417 and resistance at 5570. Bearish mood will active only below 5501 and below 5491 may be it can create panic in Indian markets. High volatility will expect and nifty will trade in broader range. For risky trader suggested to go short if market will give flat or positive opening with stop loss of 5570.

Our outlook is negative for short term and advice to go short on higher level