Daily Technical Analysis

Nifty — The index opened on a positive note and witnessed a steady rise throughout the day’s trading session. It ended the day with gains of 86 points.

Sustains above 10 dma — The index is sustaining above the 10 dma on a closing basis, suggesting the upswing is likely to continue. On the upside, we expect the index can test higher levels around 6185 (high of 13 December 2007). On the downside, we believe that it has support around the 6025 levels with lower support around the 10 dma at the 5945 levels.

Conclusion — Expect the upswing to continue.