Intra-day resistance at 12,340 -- 13 Jan 2019
Resistance1: 12,340 -- Resistance 2 : 12,380
Support: 12,300 -- Support 2 : 12,270
Nifty today saw a steady trend of 72 points.
Since an uptrend breakout is seen, a pullback is also possible.
Trend is positively placed.
Nifty in-case of a positive trend, resistance intraday above is at 12,340.
Market has to trade above resistance for a further uptrend.
Then the next major resistance above is at 12,380 and 12,410.
Nifty has to close strong above 12,300, on a closing basis.
In-case of a weakness, then intraday support below is at 12,300.
In-case of any trading below 12,300, then it indicates a further weakness.
Then the next major support below is at 12,270 and next at 12,200.
On closing basis, if market closes below 12,300, then it indicates caution for a correction.
V. Sundar Raja, Research Analyst