Daily Technical Analysis

Nifty — The index opened on a flat note and tested intra-day high of 5957 in the morning trades, after which it declined throughout the day’s trading session. It ended the day with loss of 58 points.

Range-bound — The index has been stuck in a trading band of 5709-6011 for the last seven trading sessions. A breakout from the trading band should see a directional move.

Support & Resistance — The index has support around 5737 (high of 18 october 07), while lower support is around 5709. The resistance level for the day’s trading is around 5840, with higher resistance around 5948.

Conclusion — Index could decline towards the 5737 support level.