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Nifty Continues to Trade in Small Range

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In the last analysis; we discussed. Nifty bulls need to break & trade above 12310 for the target of 12360/12430 range. On the lower end; below 12180, we can see a dip towards 12130 levels; which is the next intermediate support for Nifty Index. On holding below that, we can see a further decline towards 12050 levels on a short-term basis.

After our last analysis; so far, Index has broken the 12180 and made low around 12151 levels.

Nifty Daily Gann Angle Chart

Now moving ahead; the swing trading plan is still the same, we should carefully watch Price Action near 12130 levels. As holding below that will add further weakness in the Nifty.

On the upper side, Primary resistance is at 12310 levels only. But as the market is trading in a small close range, In that case, we can use 12265 for 50-60 points gains.

Nifty Intraday Trading Levels for 02nd Jan

Resistance for today in Intraday is at 12230 above the move towards 12260/12310/11390 can be seen.

While Support for today is likely to come at, 12150 below that move towards 12120/12070/11990 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.