In the last analysis; we discussed. The trading plan for the Nifty 50 Index is still the same; Bulls need to move above 12220 for getting the strength back. Till then, bears are in a strong position and can again drag the Nifty towards 12000/11950 levels. At the lower end, the intermediate support is around 11950-955 range.
Yesterday Index opened on the flat note; Nifty made the high near 12150, near to the Intraday trading level Resistance range. From there, bears dragged the Index towards lower levels.
In the previous, we were having the F&O Expiry; the event was beneficial for Intraday traders.
As Nifty falls almost 140 points from it’s Intraday high, our ‘Hook Timing Method’ students seize that short-trade opportunity, with minimal risk.
We have Budget tomorrow, so before that, we may see some short covering in the market.
The 12000-11960 Nifty zone can act as a bounce-back area; now, bears need the close below this range for further downside.
On the upper side, now resistance has shifted at 12160-170 range; above that, we can see the move towards 12220/12310 levels.
Nifty Intraday Trading Levels for 31st Jan
Resistance for today in Intraday is at 12070 above the move towards 12100/12150/12220 can be seen.
While Support for today is likely to come at, 12000 below that move towards 11970/11920/11850 can be seen.