Nifty and Bank Nifty today first fell over 1.5%, then both Indices recovered from the day low and ended just 0.60% lower.
Nifty opens gap-up but fails to cross the 17950-65 resistance zone. Then broke the 17790-770 support zone and fell over 200 points from there.
To gain momentum Nifty Index needs to break and sustain above the 17829-17855 zone. On the downside, 17650-630 is the crucial support zone. Holding below will add more pressure towards the downside.
Bank Nifty didn’t sustain above 38350, which we discussed in yesterday’s analysis, then broke the 37900 and fell over 600 points from there.
Bank Nifty Index needs to break and sustain above the 38100-160 zone to gain momentum back. On the downside, 37900 and 37300 are the support levels.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 17780 to move towards 17810/17850/17900/17960 levels.
On the lower side, the Gann support level is 17710; below that Index can move towards 17680/17640/17590/17530.
Bank Nifty Intraday Levels
Bank Nifty bulls need to break & sustain above 38150 to move towards 38300/38500/38650.
On the lower side, the Gann support level is 37900; below that Bank Nifty Index can move towards 37750/37550/37300 levels.
Note: The above levels are for educational purposes only, not Buy/Sell advice.
