Daily Technical Analysis

Nifty — The index opened on a positive note and tested an intra-day high around 5261 after which it saw a sharp decline towards 5034 in afternoon trade. The index rallied towards the close and ended the day with gains of 142 points.

15-minute chart — The index is moving in an upward sloping channel from the low of 4489 (15 minute chart).The upper end of the channel is around the 5340 level and the lower end of the channel is around the 5090 level. Intra-day resistance can be seen around 5261; a break above 5261 could see the index exhibit intra-day strength and test higher levels around 5300. Intra-day support is around 5159, while a break below 5160 could see intra-day declines towards the 5090 level.

Conclusion — Intra-day trade a breakout from 5261-5159 range.