Nifty The index opened on a positive note, but was unable to hold onto the opening session's gains. It declined throughout the session with high intra-day volatility.
Resistance The index is facing stiff resistance around the 4263 level (high of 20 August 07). Yesterday's trading session saw a strong opening and index posted a
high around 4250 in opening trade, it failed to sustain higher levels. This suggests a level of 4263 is a stiff resistance level. Intra-day resistance is around 4166.
Support The index has support around the 200dma at 4075, breaking below the 200dma could see the index exhibit weakness and decline to lower levels around 3971.The level of 3971 is [62% retracement level from the low of 3555 (5 March 07) to
the recent high of 4648 (24 July 07)].
Conclusion Intra-day weakness can be expected below 4075, whereas a break above 4166 could see the index test 4250 levels.
Resistance The index is facing stiff resistance around the 4263 level (high of 20 August 07). Yesterday's trading session saw a strong opening and index posted a
high around 4250 in opening trade, it failed to sustain higher levels. This suggests a level of 4263 is a stiff resistance level. Intra-day resistance is around 4166.
Support The index has support around the 200dma at 4075, breaking below the 200dma could see the index exhibit weakness and decline to lower levels around 3971.The level of 3971 is [62% retracement level from the low of 3555 (5 March 07) to
the recent high of 4648 (24 July 07)].
Conclusion Intra-day weakness can be expected below 4075, whereas a break above 4166 could see the index test 4250 levels.
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