Nifty Support @ 4,201

Market opened on a negative note, but Nifty has witnessed
a follow up buying. Nifty on the daily chart is trading in
the range of 4,200-4,450, which is a crucial level. The
momentum is expected to be positive and volatile on an
intra-day basis. Market breadth is negative with 706
declines and only 426 advances. Daily momentum indicator
has given a negative crossover and is trading below the
zero line. On the daily charts, support is at 4,200 and
there is a strong resistance at 4,450.




On the hourly charts, a small inverted head-and-shoulders
pattern has formed with resistance at 4,370 and support
at 4,280. The momentum indicator has given a positive
crossover and is trading below the zero line. On the hourly
charts, there is a strong support at 4,280 and a very strong
resistance at 4,331.




Reliance Industries has gained momentum and is likely to
test Rs2,250 on upside. Infosys has support around Rs1,695
and on the upside the stock is likely to test Rs1,850. Capital
goods sector has lost momentum and is expected to move
downwards.