Nifty Fell 150 Points Below 12130

In the last analysis, we discussed. Nifty bulls are now advancing towards the critical zone on the upside. The 12310-12335 range is the significant resistance area; above that, we can see some trending move in the market. On the lower end, 12240 will act as support below that we can again see the dip towards 12150-12130 range.

After our last post on Friday Index started opened on a flat note and soon bears drag the Nifty towards lower levels.

The weakness continues on Monday also & Index opened gap down. Once the Nifty breaks the 12130; it showed the waterfall decline & by EOD it made the low around 11974 levels.

Both the primary Support (12130) & Resistance (12310) level on upside & downside rewarded well.

Nifty Daily Gann Angle Chart

Now moving ahead 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 Bulls need to move above 12100-110 range for getting the strength back,

Nifty Intraday Trading Levels for 07th Jan

Resistance for today in Intraday is at 12040 above the move towards 12070/12120/12800 can be seen.

While Support for today is likely to come at, 11960 below that move towards 11930/11880/11800 can be seen.

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.