Daily Technical Analysis

Nifty — The index opened on a positive note yesterday, but was unable to sustain the higher levels. It drifted down throughout the day’s session and ended the day with a loss of 11 points.

Range-bound — The index is stuck in a trading band of 4,547 on the upside and 4,446 on the downside for the last 7 trading sessions. Until it sees a breakout from the 4,547-4,446 range, range-bound trading can be expected. Breakout from the trading band will likely result in a directional move.

Resistance can be expected around 4,534 and 4,547 (the higher end of the band).

Support can be expected around 4,446 (the lower end of the band) and 4,404 (50 dma).


 Conclusion — Expect range-bound trading between 4,547 and 4,446.