Daily Technical Analysis

Nifty — The index opened on a negative note after which it witnessed a rise throughout the day’s trading session. It ended the day with a gain of 7 points.

Support & Resistance — The index tested the 6185 support level in the opening session and bounced back. On the daily bar chart, index has posted an inside day (i.e. yesterdays price range is totally within the prior day’s price range). Breakout above the 6300 level would see index exhibit intra-day strength. Intra-day index has support around 6230-6185 range. Intra-day declines should find support around these levels.

Conclusion — Expect intra-day strength above 6300 levels.