Citigroup - India Technicals

Citigroup in their technical daily say,

Nifty — The index opened on a flat note and and traded sideways in the opening hour after which it saw a rise towards 4296.The index ended the day up 27 points.

15 Minutes Chart — The index posted a double bottom at 4272 on the 15-minute chart. It traded around the breakout level at 4289 and closed around 4286. The index could see a rise towards 4300 levels intra-day.

Support — Index has intra day support at 4272,break of support at 4272 can see intra day volatility and index can decline towards next support at 4236 (low of 25 June 07).

Conclusion — Expect a rise towards 4300.Break of support at 4272 can see intraday
volatility.