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Nifty Fell 150 Points Below 12130

By Divesh

January 6, 2020


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
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.

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