Nifty Intraday Outlook and Trading Strategy For Tomorrow 12-Jan

It was rangebound trades in Indian stock markets today. Nifty respected the resistance levels of 4,870-4,880, and just managed to touch the intraday high of 4,877.20 level. Tomorrow is expected to be highly volatile trading session as heavyweight Infosys and HDFC will announce their results. Moreover IIP numbers will be declared during the trading session may also influence the sentiments.

In tomorrow trading session if Nifty manages to trade above the level of 4,865 then we may see rally to 4,900-4950 levels. However we advise a cautious approach till the time it is unable to register a break out above 5,100 level. Above 4,880 next resistance is at 4,910 and then 4,940-4,950. Important support exists at 4,750.

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