Citigroup - Daily Technicals

Citigroup in their daily technical report,

Nifty — The index began on a strong note in the opening trades, after which it saw
range-bound trading before moving up sharply towards the close. The index ended
the day up 46 points.

Range-bound — The index is stuck in a narrow trading range of 4307 on the
upside and 4241 on the downside, trading in this range for the last four sessions. A
breakout from the trading range around 4307 could see the index move towards
4350 levels.
Support — The index has support around the lower end of the trading range at
4241 and 10dma at 4255. Intra-day declines should find support around the 4255-
4241 band. The index trading above the 10dma at 4255 on a closing basis should
be considered positive.

Conclusion — Intra-day strength can be expected on the Nifty sustaining above
4307.