In the last analysis; we discussed. On the Nifty hourly chart, bulls are taking support at the unique angle line, below that we can see weakness in the markets. From the swing trading point of view, Nifty bulls need the close above the 12365-12400 range for further rise. On the lower side, support is still around 12240 levels.
After our last post on Friday, the Index made the high around 12382, which was in the 12365-12400 resistance range.
Then on Monday, Nifty opened above 12400 and made the high around 12430 levels & from there, we witnessed a straight fall towards 12216 levels.
Market signals the weakness on Friday only; after breaking the ‘Unique’ angle support line. On Monday, we witness the ‘True Power’ of the Angle line as Nifty falls 150 points from there.
Now moving ahead, till we are trading below 12300, we can see further downside towards 12150/12075/11980 levels.
Nifty Intraday Trading Levels for 21st Jan
Resistance for today in Intraday is at 12265 above the move towards 12300/12350/12430 can be seen.
While Support for today is likely to come at, 12195 below that move towards 12160/12110/12030 can be seen.
