Citigroup - Daily Technicals

Citigroup in their daily technical report,

Nifty — The index opened on a flat note and witnessed a rally for the entire trading session. It ended the day up 67 points.

Resistance — The index faces resistance around 4241 (low of 30 May 07) and 4263 (approx.) - 62% retracement level of the decline from high of 4363 (4 June 07) to the low of 4100 (12 June 07). Intra-day index can rise towards the 4241 level.

Support — The support levels for the days trading are around 4174 (high of 14 June 07) and 10dma at 4164. Intra-day dips should find support around these levels.

Conclusion — Expect intra-day rise towards 4243. Intra-day dips should find support around 4170 levels.