Nifty Bank Nifty Analysis ahead of FED policy outcome

Today both the indices opened a 1% gap-up, above the resistance level discussed in yesterday’s analysis (16800/35350). Hence both ended the session with 2% gains.

Until Nifty is holding 16770-800 zone, bulls are in control. 

And on the upside, 17010-20 is a resistance zone. If the Index breaks & sustains that, it can rise further towards 17150/17300 levels.

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17010 to move towards 17050/17100/17160/17230.

On the lower side, the Gann support level is 16910; below that Index can move towards 16870/16820/16760/16690.

Bank Nifty bulls need to hold the 35600-500 zone to rise towards 36500 levels. On the upside, 35900 is the resistance. 

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 35900 to move towards 36050/36250/36500.

 

On the lower side, the Gann support level is 35550; below that Bank Nifty Index can move towards 35400/35200/34950.

 

Note: The above levels are for educational purposes only, not Buy/Sell advice.

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.