Citigroup - India Technicals

Nifty — The index opened on a positive note and tested 4,386 in the morning trade, after which it tested a low of around 4,342 and traded in a narrow range .It ended the day up 1 point.

Tests all-time high — The index tested 4,363, an all-time high, in the morning trade. It opened towards 4,385 in the morning trade. The support levels are around 4,340 (lower end of yesterday’s consolidation band ) and 4,326 (5dma). Intra-day dips should find support around these levels. On the upside, intra-day strength can be seen on Nifty sustaining above 4,363 and index can move towards 4,385 levels. [dma=daily simple moving average].

Conclusion — Expect intra-day strength of above 4,363.