India Technicals

Nifty — The index opened on a positive note and saw range-bound movement; it firmed up towards the close and ended the day with gains of 34 points.

Resistance — The index has closed around the 50 dma (4370), the Stochastic Oscillator (5, 3) has entered the overbought zone. The index could see intra-day volatility around current levels. Resistance levels are around 4428-4453. Intra-day gains should face resistance around these levels.

Support — Intra-day support is around 4370; a break of support around 4370 could see intra-day declines, and the index could test lower levels around 4330.

Conclusion — Intra-day weakness can be expected on a break below 4370.