Nifty Bank Nifty Analysis ahead of RBI’s Policy Meet

Today both indices opened with a gap down. Then both moved higher and made the high near the resistance levels (17800/38000), which we discussed in yesterday’s analysis. And then, from there, both again fell and ended the session in the red. 

Until Nifty bulls hold the 17800-750 zone, they are in control. And to regain the momentum back, bulls have to break and sustain above the 17800 level. But if bulls fail to hold the 17800-750 zone, then bears will gain strength. And in that case, the Nifty can decline towards 17500 levels.

Until Bank Index is trading below the 37900-38000 zone, bears have the upper hand. And they can take the index towards 37050/36600 levels. 

 High near the Resistance level in Nifty

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17690 to move towards 17730/17780/17840/17910.

On the lower side, the Gann support level is 17600; below that Index can move towards 17560/17510/17450/17380.

High near the Resistance level in Bank Nifty

Bank Nifty Intraday Gann 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 37350; below that Bank Nifty Index can move towards 37200/37000/36750.

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.