Daily Technical Analysis

Nifty — The index opened on a positive note and gyrated in a narrow range of 4522-4496 for the day’s trading. It ended the session with gains of 10 points.

Narrow Range — The index was confined in a narrow range of 4522 on the upside and 4496 on the downside during the day’s trading. Intra-day, a break above the 4522 level could see a rise towards 4548 whereas if the index breaches 4496 it could decline towards the 4470 levels. Lower support for the index is around the 5dma at 4452.

Conclusion — Intra-day, trade a breakout of the 4522-4496 range.