Daily Technical Analysis

Nifty — The index opened on a positive note and witnessed a rally throughout the day’s trading session. It ended the day with gains of 94 points.

5 Minute Chart — The index is trading in an upward sloping channel from the low of 4847 on the 5 minute chart. Price projection on the upper end of the channel is around 4948-4960. On the downside key intra-day support is around 4912; break of 4912 could see Nifty drift down intra-day toward 4880 levels.

Conclusion — Intra-day support is around 4912; on the upside index can test
4948-4960.