Daily Technical Analysis

Nifty — The index opened on a flat note and saw an intra-day dip towards 5126 in afternoon trade, after which it saw a rise towards the close. It ended the day with loss of 2 points.

Inside Day — On the daily bar chart the Nifty posted an “Inside Day”, i.e., today’s price range is totally within the prior day’s price range. Today’s price range was a high of 5233 and low of 5126, while yesterday’s price range was a high of 5261 and low of 5034. This may result in range-bound trading with high intra-day volatility.

Support & Resistance — The index has intra-day support around 5127, lower support is at 5034. Resistance is around 5232 with higher resistance around the 5261-5300 levels.

Conclusion — Expect intra-day strength above 5232.