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Trade Plan for 18 May: Can Markets Rise Further?

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Today indices opened with a gap up. And then, after consolidation, both again moved higher and closed with over 2% gains. 

Above the 16050 resistance point, bulls have rallied well. And now the bulls have to hold the 16230-190 zone for further upside. And on the higher side, the 16333-16355 zone can act as a strong resistance. So, the price action around that zone will play a crucial role in deciding the further trend. 

The Bank Nifty bulls have also done well above the 34100 resistance. And now bulls need to hold the 33900-800 zone for further upside. And on the higher side, the 34500-550 zone will act as the resistance.

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 16320 to move towards 16350/16390/16440/16500.

On the lower side, the Gann support level is 16230; below that Index can move towards 16200/16160/16110/16050.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 34500 to move towards 34650/34850/35100.

On the lower side, the Gann support level is 34150; below that Bank Nifty Index can move towards 34000/33800/33550.

Note: The above levels are for educational purposes only, 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.