Daily Technical Analysis

Nifty — The index opened on a negative note and witnessed a sharp decline. It ended the day with a loss of 271 points.

50-day moving average — The index has closed around the 50 dma at 5728; a break below the 50 dma around 5728 can see intra-day weakness, and the index can decline toward 5692-5612. On the upside intra-day resistance is around 5830; sustaining above the 5830 level can see intra-day pullback. Higher resistance is around 5898.

Conclusion — Trade a breakout from the 5728-5830 band; expect intra-day
weakness below 5728.