Nifty Analysis for 16th Jan

In the last analysis; we discussed. Nifty bulls have broken 12365 Gann resistance range but failed to gets EOD close above it; so far, for the coming session, we carefully need to watch the price action near 12365 range. On the lower end, 12240 will act as the support below that we can see bears getting some strength back.

Yesterday Index opened on the negative sideline, and once it broke the Intraday Nifty Support level of 12320, it becomes weak & made the low around 12278 range.

However, before the end of the trading session, Nifty bulls came back strongly and pushed the Index back towards 12355 levels.

nifty hourly chart
Nifty Hourly Angle Chart

On the hourly chart bulls exactly took the support from the above-shown unique angle line. On a break below, this angled line will add further weakness & we can expect another 75-110 points downside.

The Nifty swing trading plan; is still the same. Bulls need to sustain above 12365 for a further rise. On the lower side, below 12240 bears will get more strength.

Nifty Intraday Trading Levels for 16th Jan

Resistance for today in Intraday is at 12380 above the move towards 12410/12460/12550 can be seen.

While Support for today is likely to come at, 12300 below that move towards 12270/12220/12130 can be seen.

About the author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.