Citigroup - Daily Technicals

Citigroup in their technical report,

Nifty — The index opened on a flat note and exhibited intra-day volatility in 4230 and 4162 band.It ended the day down 18 points.

Support — The index has support around 4141 (low of 25 May 2007) and 4127 (approx.) the level of 4127 is 62% retracement level of the rise from low of 3981(11 May 07) to the recent high at 4363. Intra day Nifty declined towards the 4141 level and witnessed an intra-day bounce.

Resistance — The index faces resistance around 4225 (20dma) and 4257 (10dma), cross above 4225 could see an intra-day bounce towards 4257.

Conclusion — Intra-day pullback will face resistance around 4257.