In the last analysis; we discussed. Nifty can decline further below 12090-12080 range for the target of 12040/11990. On the upper side, Bulls need to break and hold above 12220 for getting the strength back.
Yesterday Index opened on the 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 Gann level 12090-80 range, it becomes weak and made the low around 12024.
Now moving ahead, till Index is trading below 12220 we can see a further decline towards 12000/11950 range. On the lower end; the intermediate support is around 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.