Post the top of July 10, the index left a bearish gap between 5,267-5,300. This gap area has now attained great importance with respect to bulls.
A break and close above it by early part of next week would mean that markets could start a fresh new uptrend. On the flip side, a failure around these levels would mean that the index falls back towards the lower end of the range at 5,050.
August 6 and 7 are the dates when the Nifty may make a probable attempt and a possible breakout. However, if this date gets extended then the bulls could lose the plot.
How we start the next week would set the tone for remaining of August.