India Daily Technicals - Jan 29 2008

Nifty — The index opened on a negative note and dipped in morning trade, after which it saw a pullback towards the close. It ended the day with a loss of 109 points.

Inside day — The index posted an “inside day” on the daily bar chart. Yesterday’s price range (high=5381, low=5071) was within the price range on 25 January 08 (high=5399, low =5035). A breakout from the 5399-5035 range should see an intra-day directional move.

Support & Resistance — Index has support around the 5035 level, intra-day support is around 5177. Resistance is around the 5399-5480 range.

Conclusion — Expect intra-day strength above the 5399 level.