Nifty opened on a weak note but was in no mood to give up the gains made over the past few days. After two days of consolidation, the index bounced back strongly, closing near the daily high. Thanks to the strong push from Reliance Industries and support from auto stocks such as M&M and Tata Motors, the index was seen gaining strength over the day even as Bank Nifty underperformed. However, the index registered negative divergence on the RSI on hourly charts, which could limit Nifty's pace going forward. On the 240 minute charts, the RSI has approached the 84 level which is near a 3 year resistance in the 85-87 range. This combined with the rising trend line hurdle at 19600 may lead to some profit booking in the index in the coming days. Immediate supports lie at 19330 while medium-term supports lie at 19150-19200.
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