In the last analysis; we discussed. The Nifty swing trading plan; is still the same. Bulls need to sustain above 12365 for a further rise. On the lower side, below 12240 bears will get more strength.
Yesterday Index opened on the flat note. But soon after it bulls pushed the market again towards a new lifetime high. The previous day was a choppy market traded in the small range of just 73 points.
On our yesterday discussed hourly chart, bulls are still exactly taking the support from the above-shown unique angle line. On a break below, this angled line will add further weakness & we can expect another 75-110 points downside.
At the starting of the week, we discussed the target of 12400, which is almost hit, as yesterday, the high was around 12389 levels.
Now from the swing trading point of view, Nifty bulls need the close above 12365-12400 range for further rise.
On the lower side, support is still around 12240 levels. Only below that, we can see bears getting some strength back.
Nifty Intraday Trading Levels for 17th Jan
Resistance for today in Intraday is at 12400 above the move towards 12430/12470/12550 can be seen.
While Support for today is likely to come at, 12340 below that move towards 12310/12270/12190 can be seen.