Near-term upside in Nifty capped at 10,300, say technical analysts

Last week, the Nifty twice attempted to breach the 10,300 mark. On both occasions, the index came off sharply after breaching those levels

The market’s dream run could be nearing its end as the benchmark Nifty may find it difficult to breach the key resistance level of 10,300, which happens to be the 100-day moving average (DMA).

According to technical analysts, the Nifty’s upside could be capped around 10,300, while on the downside the index may slide below 9,700 if key support levels are breached. On Friday, the 50-share index closed at 9,973, posting its first weekly drop in four weeks. In the preceding three weeks, the Nifty had surged as much as 1,500 points, or 17 per cent.

“The sharp decline from