Nifty Bank Nifty Analysis After Budget

Today, Nifty & Bank Nifty opened with an over 1% gap. Then, both the indices moved down and made the low around the support levels (17200/37500) discussed in yesterday’s analysis. From that low, both continued their upward trend and ended the session in the green.

Until Nifty is trading above the 17450-400 range, bulls are strong and can take Nifty towards 17750/18000 levels. On the upside, the 17625-640 zone can act as resistance.

The Bank Nifty can advance towards 38900/39200 levels. Until trading above the 38200-38100 range. On the upside, the 38600-650 zone can act as resistance.

Nifty Intraday Gann Levels

Nifty bulls need to break & sustain above 17625 to move towards 17665/17715/17775/17850.

On the lower side, the Gann support level is 17540; below that Index can move towards 17500/17450/17490/17420.

Bank Nifty Intraday Gann Levels

Bank Nifty bulls need to break & sustain above 38650 to move towards 38800/39000/39250.

On the lower side, the Gann support level is 38400; below that Bank Nifty Index can move towards 38250/38050/37800.

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.