Daily Technical Analysis

Nifty — The index was range-bound in yesterday’s trading session. It ended the day with a gain of 11 points.

Resistance — The index faces intra-day resistance in the band of 4,328-4,364. The level of 4,328 is a 62% retracement level of the decline from the high of 4,530 to the recent low of 4,002. The 50dma is around 4,364. Intra-day rise will likely face resistance at around 4,328-4,364.
Support — The index has support at around 4,296 (20dma). Break below the 4,296 level could take the index down toward the 4,260 level.

Conclusion — The intra-day index could see range-bound movement, with support at around 4,260.