After opening in the green, both Nifty and Bank Nifty Index end in red. Nifty closed 1% and Bank Nifty 0.60% lower.
Nifty opened with a gap-up and made the high near resistance (17890) level discussed in yesterday’s analysis. After the consolidation, Nifty started dropping and gave up the last two days’ gains.
The 17680-710 is a crucial support zone for Nifty. If bulls didn’t break and sustain above that zone, the Index could see higher levels. On the downside, 17580 and 17450 are the support levels.
Bank Nifty, too gave up its opening gains and is back near the last Monday levels.
The 37300 is the crucial support zone for Bank Nifty. If Bank Index breaks and sustains below that, then it can fall more. On the upside, the 37810-850 is the resistance zone.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 17680 to move towards 17710/17750/17800/17860 levels.
On the lower side, the Gann support level is 17600; below that Index can move towards 17570/17530/17480/17420.
Bank Nifty Intraday Levels
Bank Nifty bulls need to break & sustain above 37700 to move towards 37850/38050/38300.
On the lower side, the Gann support level is 37450; below that Bank Nifty Index can move towards 37300/37100/36850 levels.
Note: The above levels are for educational purposes only, not Buy/Sell advice.