Upside : 5500
Downside : 5100

We are past majority of the Q1 earnings, which in our view was a little above expectations. We expect markets to cool down and digest those numbers in August. Nifty making new highs above 5450 in this month seems a little far stretched. On the downside, 5100 is a good support level although we may not see Nifty heading as low either. We expect Nifty to be range bound between 5400 and 5200 for most of August.

Coming to stock specific outlook, Pidilite, Sesa Goa, Concurrent delivered strong earnings. Watch out for ICRA no's, which is expected to come on Aug 12th.