India Daily Technicals - Jan 30 2008

Nifty — The index opened on a positive note yesterday but was unable to hold on to those gains. It drifted lower through the rest of the trading session and ended the day with a gain of only 7 points.

Range-bound — The index has been trading in a narrow band of 5,399 on the upside and 4,996 on the downside for the past four trading sessions. A breakout from the 5,399-4,996 band would be a directional move. The intra-day index has support at around 5,225 and lower support at around 5,071. Resistance is around the 5,399 level; a break above 5,399 could see intra-day strength and the index
testing higher levels of around 5,514.

Conclusion — Intra-day trade a breakout from the 5,339-5,225 range.