India Technicals

Nifty — The index opened on a flat note and tested 4549 in opening trade, after which it drifted down throughout the session. It ended the day down 31 points.

Range bound trading — The index is stuck in a trading band of 4549-4446 for the past 11 trading sessions. Resistance is seen at the upper end of the range with support around the lower end of the range. If the index closes below the 10 dma at 4502, it could decline towards 4446 levels.

Conclusion — Expect range-bound trading with intra day declines towards 4446.