Nifty Bank Nifty Trade Setup for 10 May

Today both indices opened a 1% down. Then moved higher and closed flat. 

Bears have the upper hand until the Nifty is trading below the 16380-405 zone. And on the downside, the 16170-120 zone is strong support. If Index breaks and holds below that, then it can decline towards 15950/15700 levels. 

The Bank Nifty bulls have to break and hold above the 34550-700 zone for a bounce-back towards 35200/35500 levels. On the downside, the 34100-33800 zone is strong support. 

Nifty bulls have to break

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 16360 to move towards 16400/16450/16510/16580.

On the lower side, the Gann support level is 16270; below that Index can move towards 16230/16180/16120/16050.

Bank Nifty bulls have to break

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 34550 to move towards 34700/34900/35250.

On the lower side, the Gann support level is 34200; below that Bank Nifty Index can move towards 34050/33850/33600.

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.