Citigroup - India Technicals

Citigroup in their daily technical report,

Nifty — The index opened on a positive note and moved toward 4347 in the morning trade, after which it retraced most of its day's gain toward the close. The index ended the day down 4 points.


Resistance — The index is facing resistance around the 4363 “All-Time High;” Intraday it posted a high at 4347 but retraced most of the day's gain toward the close. Intraday rise will face resistance around the 4347 level.

Support — The index has support around 4296, the breakout level of its previous mid-week consolidation band. Intraday dips should find support around 4296. Lower support is around the 10 dma at 4271.

Conclusion — Intraday dips should find support around the 4296 level.