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Nifty Analysis for 08th Jan

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Updated On:

In the last analysis; we discussed. The Nifty bears are on the front foot & we can expect further decline below 11950 for the target of 11900/11840/11770 levels. On the upper side, the Bulls need to move above the 12100-110 range to get their strength back.

Yesterday Index opened a gap-up and made a high around 12152 levels. But, soon bears dragged the Nifty towards lower levels & at the end of the day Index settled at a 12052 closing price.

The swing trading plan for Nifty is still the same; the Bulls need to close & hold above the 12100-110 range to get their strength back.

On the lower end; we can see further decline below 11950 for the target of 11900/11840/11770 levels.

Nifty Intraday Trading Levels for 08nd Jan

Resistance for today in Intraday is at 12100 above the move towards 12130/12180/12260 can be seen.

While Support for today is likely to come at, 12020 below that move towards 11990/11940/11860 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.