NIFTY LEVELS - INTRADAY TREND ANALYSIS FOR AUGUST 04 THURSDAY

   
CNX Midcap index was down 0.27% about while BSE small cap index also lost 0.66%.
Investors were vexed over the health of the global economy due to poor economic data that took the limelight of congressional deal to raise America’s debt ceiling to avoid a first-ever default.
The key indices declined for the second straight day. The Sensex closed lower by 169 points at 17941 and the Nifty fell 52 points to shut at 5405. The trading sentiment remained bearish and the markets closed the session on a negative note.
Today’s decline was led by the index heavyweights like L&T, Tata Motors, Axis Bank, Bajaj Auto and DLF, dragging the Nifty to an intra-day low of 5379. However, the index recovered towards the end and managed to hold above the 5400 levels.
The Support and Resistance Zone for Nifty Spot levels would be
Support 1: 5375 Support 2: 5330
Resistance 1: 5435 Resistance 2: 5480