Indices managed to Close above 17,000 & 37,000, After 1% Gap-down Opening

Today Nifty and Bank Nifty opened 1% down. But both recovered back and bounced nearly 2%. However, both gave up the gains before closing and ended red.

Let’s discuss the important levels that will help us trade in tomorrow’s session.

The 17160-200 is a crucial resistance zone, and until Nifty is trading below, it can fall further. For a quick upmove, bulls have to break & sustain above it. And on the downside, 17010 & 16880 are the supports.

Tomorrow, the 37400-600 zone will play a vital role in forming the Bank Nifty Intraday trend. Bank Index is weaker below the 37400-600 zone and can fall back towards 37100/36600 levels.

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Nifty Intraday Gann Levels

Nifty bulls need to break & sustain above 17170 to move towards 17210/17260/17320/17390.

On the lower side, the Gann support level is 17080; below that Index can move towards 17040/16990/16930/16860.

Bank Nifty Intraday Gann Levels

Bank Nifty bulls need to break & sustain above 37600 to move towards 37750/37950/38200.

On the lower side, the Gann support level is 37250; below that Bank Nifty Index can move towards 37100/36900/36650.

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.