Nifty after making a high on Dec 20, has shown signs of consolidation. Currently it is at an hourly resistance of 12200-12210. It could reverse from here for a test of 12050-12000 (daily time frame support). View would negate above 12260
It has a weekly as well as daily resistance at 420 from where it has reacted. Unless it manages a close above it there is strong possibility it might retest support at 390-380 to confirm a higher low. Sustaining above 420 (on closing basis) could take it to 475
In monthly time frame it has just entered into a Bullish AB=CD prz level. With a Bullish Gartley near 380. As per Ichimoku there is a monthly support near 370 which is sync with time axis. From a medium term prospective a bounce back for 500-550 is probable.
