India Technicals

Nifty — The index opened on a strong note and traded range-bound though positive throughout the day session. It ended the day with a gain of 100 points.

5 & 10 dma — The index is trading below the 5 & 10 dma. Pullback towards the averages can be expected .The 5dma = 4248 and 10dma = 4313. Intra-day strength can be expected on sustaining above 4248.

Support — On the downside, intra-day support can be expected around 4189 (lower end of yesterday’s intra-day consolidation). Lower support can be seen around the 4163-4132 band (38% and 50% retracement level of the advance from
low of 4003 to 4261).

Conclusion — Expect rise towards 4248 with support around 4189 levels.