Daily Technical Analysis- Jan 4 2008

Nifty — The index opened on a flat note and saw rangebound movement throughout the day’s trading. It ended the day with loss of 1 point.

Trading around 6185 — The index is trading around 6185 levels (high of 13 December 2007), a close above the 6185 level will see index exhibit further strength.Intra day index has support around 6126-6100 levels, intra day declines
should find support around these levels. On the upside resistance levels are 6230- 6270. Intra-day strength can be expected on index sustaining above 6185 levels.

Conclusion — Expect intra-day strength above 6185 levels.