In the last analysis; we discussed. If Nifty breaks & hold below 12150-12130 range, then we can expect the down move towards 12065/11990 range. On the upper side, 12250 will act resistance above that we can see the move towards 12300/12380 levels.
Yesterday Index opened gap-up, but it failed to hold the gains, and soon bears drag the market towards the lower side.
Once the Nifty breaks the 12130-12150 previous ‘Gann Square’ range, it becomes weaker & made the low around 12087 levels.
Now moving ahead, on the daily chart market is trading near-critical Gann Angle support line.
The Nifty bears now need to break & hold below that angle support line for further decline. The level will come around 12085, below that we can see slide towards 12045/11990 levels.
On the upper side, above 12185 Nifty bulls will get some strength for the move towards 12250/12320 levels.
Nifty Intraday Trading Levels for 23rd Jan
Resistance for today in Intraday is at 12160 above the move towards 12190/12240/12310 can be seen.
While Support for today is likely to come at, 12080 below that move towards 12050/12000/11930 can be seen.