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Nifty Bank Nifty Trade Set-up for 17 May

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Today indices opened with a gap up. Then both faced resistance from the Gann price and time square level, and from there, both gave up all the gains and closed on a flat note. 

Bears are in control until the Nifty is trading below the 15999-16050 zone (on a closing basis). On the downside, the 15800 is a crucial support.

Bank Nifty is weaker until it is below the 33900-34100 zone. On the downside, 33400 and 32800 are the support levels.

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 15890 to move towards 15930/15980/16040/16110.

On the lower side, the Gann support level is 15800; below that Index can move towards 15760/15710/15650/15580.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 33750 to move towards 33900/34100/34350.

On the lower side, the Gann support level is 33400; below that Bank Nifty Index can move towards 33250/33050/32800.

Note: The above levels are for educational purposes only, not Buy/Sell advice.

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Divesh Jotwani

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.