Citigroup - India Technicals

Citigroup in their daily tech,

Nifty — The index opened on a positive note, after which it dipped toward 4,312 during the afternoon trading. It saw a recovery during the remaining part of the day’s session. The index ended the day down 4 points.

Trading around a high of 4,363 — The index is trading around a 4,363 high amid intra-day volatility. Intra-day rise is facing resistance around 4,363. Until the index stays below the 4,363 high on a closing basis, range-bound movement with high intra-day volatility should be expected.

Support and resistance — The index has support around 4,314 (low of 3 July 07) and 10dma at 4,305. Intra-day dips should find support around these levels. The resistance level is around 4,386 (high of 4 July 07).

Conclusion — Range-bound movement within 4,305-4,386 band can be expected.