Citigroup - Daily Technicals

Citigroup in their technical report

Nifty — The index opened on a positive note, posting an intra-day high of 4208 in morning trade. It was unable to hold onto opening session gains. The index exhibited intra-day volatility and closed down 24 points.

Resistance — The index made a matching high at 4209 (past two trading session highs were around 4209) and the 20dma is at 4217. Stiff intra-day resistance should be expected in the 4209-4217 band [dma=daily simple moving average].

Support — Support levels are around 4121 (50dma) and 4100 (low of 12 June 07). Intra-day Nifty can decline towards the 4100 levels.

Conclusion — We expect intra-day declines towards 4120-4100, while an intra-day bounce will face stiff resistance around 4209.