Nifty — The index opened on a flat note and saw an intra-day dip towards 5126 in afternoon trade, after which it saw a rise towards the close. It ended the day with loss of 2 points.
Inside Day — On the daily bar chart the Nifty posted an "Inside Day", i.e., today's price range is totally within the prior day's price range. Today's price range was a high of 5233 and low of 5126, while yesterday's price range was a high of 5261 and low of 5034. This may result in range-bound trading with high intra-day volatility.
Support & Resistance — The index has intra-day support around 5127, lower support is at 5034. Resistance is around 5232 with higher resistance around the 5261-5300 levels.
Conclusion — Expect intra-day strength above 5232.
Inside Day — On the daily bar chart the Nifty posted an "Inside Day", i.e., today's price range is totally within the prior day's price range. Today's price range was a high of 5233 and low of 5126, while yesterday's price range was a high of 5261 and low of 5034. This may result in range-bound trading with high intra-day volatility.
Support & Resistance — The index has intra-day support around 5127, lower support is at 5034. Resistance is around 5232 with higher resistance around the 5261-5300 levels.
Conclusion — Expect intra-day strength above 5232.
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