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Analysis of Nifty Bank Nifty Ahead of FED Meeting

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The indices opened higher today, above the resistance levels discussed in yesterday’s analysis. After that, both indexes continued to move higher, although in a narrow range.

Tomorrow, the 18600 level may determine Nifty’s intraday trend. If the Index stays above that level, then the bulls are most likely to dominate, while the 18700 level will act as resistance.

To continue rising, the Bank Nifty needs to remain above the 44000-43950 zone. The 44200-3000 can act as strong resistance.

nifty bulls are most likely to dominate

Nifty Intraday Gann levels

A break & hold above 18700 will help Nifty bulls move towards 18740/18790/18850/18920.

The Gann support level is 18600; below that, the Index can move toward 18560/18510/18450/18380.

Bank nifty bulls are most likely to dominate

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 44200 to move towards 44300/44500/44800.

On the lower side, the Gann support level is 43950; below that Bank Nifty Index can move towards 43850/43650/43350.

Note: The above levels are for educational purposes. Not Buy/Sell advice.

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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.