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Nifty Analysis for 03rd Jan

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Updated On:

In the last analysis, we discussed. The Nifty swing trading plan is still the same, and we should carefully watch Price Action near the 12130 level. As mentioned below, that will add further weakness in the Nifty. On the upper side, Primary resistance is at 12310 levels only. But as the market is trading in a small close range, In that case, we can use 12265 for 50-60 points gains.

Yesterday Index opened on a flat note & soon bulls took charge. By the EOD, Nifty reached the high around 12290 levels.

In this week, so far, the Index made the low around 12150 levels, where our Primary support was at 12130. So, it was an excellent buying opportunity for traders who strictly follow the levels.

Now moving ahead, Nifty bulls are now advancing towards the critical zone on the upside. The 12310-12335 range is the significant resistance area; above that, we can see some trending moves in the market.

On the lower end, 12240 will act as support below that we can again see the dip towards the 12150-12130 range.

Nifty Intraday Trading Levels for 03rd Jan

Resistance for today in Intraday is at 12310 above the move towards 12340/12390/11470 can be seen.

While Support for today is likely to come at, 12240 below that move towards 12210/12160/12080 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.