The markets is in a bit of "no man's land" and struggling to break out on either side, Jai Bala of cashthechaos.com told CNBC-TV18.

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He added that the 10,880 would be a crucial support while resistance is at 11,250.

"The key problem for the market is Reliance Industries Ltd (RIL) in a positive way. Today it missed the all-time high by about a couple of rupees. I would say if it does get taken out, the next resistance comes in about Rs 2,300 for RIL," he said.

"So as long as RIL doesn’t finish its move higher, this market is going to find it difficult to correct lower. We are locked in a tight range at the moment. If the market does take out 11,250 levels, it is going to try to push closer to 11,600," Bala added.

Disclosure:

Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Aug 5, 2020 2:53 PM IST