In the last analysis; we discussed. Nifty is reaching near the critical Gann angle resistance line (orange); on breaking & holding above it, we can see more upper levels. To maintain the bullish tone, Nifty Bulls need to hold the 11850-860 range. Failing to do so can again bring the market towards lower levels.
Yesterday Index opened flat, and after some consolidation, it again traded on the positive side for the rest of the session.
In the previous session, Nifty also broke above the 50% Gann angle resistance line, and now we can expect a further upside towards the next angle resistance line (Blue Color).
Now moving ahead, the Resistance/pullback area for the Index is still quite far from the present situation.
On the upper side, the significant Gann resistance is at 12207-12230 range. On the lower side, now support has shifted at the 11930-11945 range, below that Nifty can again revisit lower levels.
Nifty Intraday Trading Levels for 06th Feb
Resistance for today in Intraday is at 12110 above the move towards 12140/12190/12280 can be seen.
While Support for today is likely to come at, 12030 below that move towards 12000/11950/11870 can be seen.
