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Weekly Expiry: Can Markets Fall Further? (and the Tuesday rally was a Bull trap?)

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Today both indices opened with a gap up, and after some upside move, both faced resistance at the Gann square level. Then from there, both fell and closed on a flat note.

The 16220-180 zone is a crucial support for the Nifty 50 index. And tomorrow, if it breaks and sustains below that zone, then it can again move lower towards 16050/15900 levels. And on the higher side, the 16355-400 zone can act as a strong resistance.

The 34030-33990 is a crucial support for Bank Nifty. And tomorrow, if it breaks and sustains below that zone, then it can again move lower towards 33800/33400 levels. And on the higher side, the 34350-500 zone will act as the resistance.

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 16310 to move towards 16350/16400/16460/15990.

On the lower side, the Gann support level is 16210; below that Index can move towards 16170/16120/16060/15990.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 34370 to move towards 34520/34720/34970.

On the lower side, the Gann support level is 34000; below that Bank Nifty Index can move towards 33850/33650/33400.

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.