Nifty and Bank Nifty both fell, which we discussed in yesterday’s analysis. Nifty fell 1%, and Bank Nifty 2% from the day high.
Below 35950-36050 zone, Bank Nifty bears are in control and can again pull it lower. Above 36050 Bank Index can again hit 36300/500 levels.
Nifty today broke the lower part of the range (16350-16180), but it did not sustain below it. Well, this shows bulls in the Nifty Index are in a bit of control. But for a smooth up move, it has to sustain well above the 16350 levels.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 16300 to move towards 16330/16370/16420 levels.
On the lower side, the Gann support level is 16220; below that Index can move towards 16190/16150/16090.
Bank Nifty Intraday Gann Levels
Bank Nifty bulls need to break & sustain above 36050 to move towards 36200/36400/36650.
On the lower side, the Gann support level is 35700; below that Bank Nifty Index can move towards 35550/35350/35100 levels.
Note: The above levels are for educational purposes only, not Buy/Sell advice.