We discussed the trading plan in the last analysis. Bulls need to trade and hold above the 12110-120 range for a fresh round of strong rallies. The Nifty bears, on the other hand, will only get active and forceful below the 11930 levels.
Yesterday, the Index opened on a positive note and made a new lifetime high around 12157. It traded in a small range of just 58 points.
The breakout above 12000-12030 was rewarded well after it dipped back into that zone and moved higher towards a new lifetime high.
Now, moving ahead, we can see Nifty reaching higher levels. But, for that, bulls need to hold the 11990 Gann support level on a closing basis.
On the higher side, the next resistance is around 12275 levels. Above that, we can see a more substantial move towards 12550-12600 levels.
Intraday Nifty Trading Levels for 29th Nov
Today’s Intraday resistance is at 12180, above which the move towards 12210/12260/11350 can be seen.
While Support for today is likely to come at 12110, below that, a move towards 12080/12030/11940 can be seen.
