Nifty Analysis for 31st Jan

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. 

nifty 5 min intraday chart
Nifty Jan Expiry Trading Session Intraday Chart

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.

nifty gann angle chart
Nifty Daily Gann Angle Chart

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.

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.