Nifty Resistance @ 4350

The market has opened on a positive note and follow-up
buying was also witnessed. The Nifty on the daily chart is
trading in a range of 4450 and 4200, which are crucial
levels. We expect the momentum to be positive and
volatility on intraday basis. Market breadth is positive with
936 advances and 195 declines. Daily momentum indicator
has given a negative crossover and is trading above the
zero line. On the daily charts, support at 4200 and strong
resistance at 4450 are indicated.
On the hourly charts, a triangle has formed and has also
broken on the down side, with a support at 4200 and
resistance at 4350. The momentum indicator has given a
negative crossover and is trading below the zero line. Strong
support at 4280 and a very strong resistance at 4331 are
indicated on the hourly charts.

Axis Bank has gained momentum and is likely to test Rs750
on the upside. Infosys seems to be having support around
Rs1,695 and on the upside is likely to test Rs1,850. Banking
sector has gained momentum and is expected to move
upward.