In the last analysis; we discussed. Nifty can decline further below the 12090-12080 range for the target of 12040/11990. On the upper side, the Bulls need to break and hold above 12220 to get their strength back.
Yesterday Index opened on a positive note. It made the high near to the Intraday trading level resistance.
From there, Nifty Bears again pulled the Index towards lower levels. Once the Index started trading below the Gann level 12090-80 range, it became weak and reached a low around 12024.
Now moving ahead, till the Index is trading below 12220 we can see a further decline towards the 12000/11950 range. On the lower end; the intermediate support is around the 11950-955 range.
Nifty Intraday Trading Levels for 29th Jan
Resistance for today in Intraday is at 12120 above the move towards 12150/12200/12270 can be seen.
While Support for today is likely to come at, 12040 below that move towards 12010/11960/11890 can be seen.
