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Nifty Analysis for 07th Feb

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Updated On:

In the last analysis; we discussed. The nifty Resistance/pullback area for the Index is still quite far from the present situation. On the upper side, the significant Gann resistance is at 12207-12230 range. On the lower side, now support has shifted at the 11930-11945 range, below that Nifty can again revisit lower levels.

Yesterday Index opened the gap and continues to trade on the positive side for the rest of the session.

The Index is now advancing towards the powerful ‘Gann Square level’ which will set the next trend in the market.

The swing trading plan for Nifty is the same; we should carefully watch the price action in the 12207-230 range if the market reaches there.

On the downside 12030-12040 range is the first support to watch out for; holding below that can drag the Nifty towards the 11990/11940 range, where the significant support zone lies in 11930-11945.

Nifty Intraday Trading Levels for 07th Feb

Resistance for today in Intraday is at 12180 above the move towards 12210/12260/12340 can be seen.

While Support for today is likely to come at, 12090 below that move towards 12060/12010/11930 can be seen.

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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.