In the last analysis; we discussed. On the Nifty hourly chart, we are trading near our ‘Unique’ angle line resistance area. On breaking & holding above that, we can see a rise towards 12240/12300 range. Nifty swing traders should carefully watch market price action near 12200 above that we can see a surge towards 12250/12320 levels. On the lower side, support is still around 12085.
After our last post Index, after breaking the hourly angle line resistance area made the high around 12272 levels.
Nifty bulls precisely did there upside target; that is the beauty of the ‘True Market Rhythm’ technique, it plots exact reversal areas on the chart.
After hitting the upside target, Nifty yesterday falls back towards the lower levels.
Now moving ahead, we can see further decline only 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.
Nifty Intraday Trading Levels for 28th 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, 12090 below that move towards 12060/12010/11940 can be seen.