Daily Technical Analysis

Nifty — The index opened on a flat note; it witnessed range-bound trading for the day’s trading session. The index ended the day with gains of 7 points.

Indecision — On the daily candle chart the index has formed a “doji,” which signifies indecision (day’s opening and closing around same levels at 4939). Yesterday’s high of 4954 is intra-day resistance; break above 4954 can see index test 4970 levels. The intra-day support is around 4878; break below 4878 can see it drift down toward 4856 levels.

Conclusion — Expect intra-day strength above 4954 levels.