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Nifty Fell 200 Points Below 12040 Gann level

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In the last analysis, we discussed. Nifty bulls need to hold 12040 to continue the upside move towards 12160/12225 levels. On the upper side, a significant resistance area for Nifty is located near the 12210-225 range.

After our last post, the Index reached a high of around 12152 on Friday.

On Monday, Nifty opened the gap down below 12040 and corrected it towards 11813 levels. It resulted in nearly 200 points of profit move.

Now moving ahead, Nifty bears are in a strong position and can drag the Nifty Index towards lower levels.

On the upper side, 11900-910 will act as a significant resistance area for Nifty. Above that, we may see a move towards 11980/12050 levels.

On the lower end, below 11750, we can see further slide towards 11710/11660/11600 levels.

Nifty Intraday Trading Levels

Resistance for today in Intraday is at 11860 above the move towards 11890/11930/12010 can be seen.

While Support for today is likely to come at, 11800 below that move towards 11770/11730/11650 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.