Daily Technical Analysis

Nifty — The index opened on a flat note and saw a rise towards 5737 in the afternoon trade after which it declined throughout the day’s trading session. It ended the ay with loss of 208 points.

Sharp decline — The index, following its morning hour rise, encountered stiff resistance around the recent high at 5708 levels. It was unable to hold above the 5708 level and saw a sharp intra-day decline.

Support & Resistance — The index has support around the 20 dma around 5207 levels, a break below the average can see further declines .Lower support levels are around 5107 and 5000. The index faces resistance around the 10 dma at the 5424 levels. Sustaining above 5424 could see an intra-day spike towards the 5556 levels.

Conclusion — Expect intra-day declines towards the 5207 levels.