Daily Technical Analysis

Nifty — The index opened on a positive note yesterday and rallied through the day, closing with a gain of 114 points.

Breakout from trading range — The index, after seeing a breakout from a 5,000- 5,261 trading range, is showing strength and is trading above the upper end of a 5,000-5,261 band. Breakout from the trading range could take the index higher to around 5,520.

Support — The index has support at around 5,384 (high of 9 Oct 07). Break below 5,384 could result in the index showing intra-day declines. Lower support is at around 5,261 (the upper end of the trading band).

Conclusion — Upswing can continue with intra-day support at around 5,384.