Nifty and Bank Nifty opened the gap down today. Then after consolidation, both indices moved further lower & made the low around 12:50 pm. Then from that low, both indices recovered a bit but still ended in the red.
Until Nifty holds 16500-470, it can scale up towards 16700/16900 levels.
But, if the Nifty breaks & sustains below 16470, it may fall towards 16250 & 15900. And on the higher side, 16700 & 16900 are the major hurdles for the index.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 16650 to move towards 16690/16740/16800/16870.
On the lower side, the Gann support level is 16550; below that Index can move towards 16510/16460/16400/16330.
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Bank Nifty closed 2% lower today, which is 1% lower than the Nifty closing. So that shows Bank Nifty is weaker than Nifty.
To get back in a strong position, Bank Nifty needs to break & sustain above 35600 levels. On the lower side, 35200 & 34900 are the supports.
Bank Nifty Intraday Gann Levels
Bank Nifty bulls need to break & sustain above 35600 to move towards 35800/36050/36350.
On the lower side, the Gann support level is 35250; below that Bank Nifty Index can move towards 35050/34800/34500.
Note: The above levels are for educational purposes only, not Buy/Sell advice.
