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Nifty Fell 150 Points Below 12130

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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 moves in the market. On the lower end, 12240 will act as support below that we can again see the dip towards the 12150-12130 range.

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

The weakness continued on Monday also & Index opened a 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) levels on the upside & downside rewarded well.

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, the Bulls need to move above the 12100-110 range to get 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.

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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.