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Trade Plan for 17 August: Indices maintained their Upward bias & Closed back in the Green

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Today both indices opened gap-up and faced resistance from the discussed weekly level. Then Nifty traded Rangebound, but Bank Nifty swung downward. Finally, however, both indices managed to close in the green. 

The 17850 is an important level for the Nifty bulls. And if bulls sustain above that level, then Index can move further towards 17990/18050 levels. On the lower side, 17760 will act as support.

For Bank Nifty Index, the 39500 weekly resistance level is crucial, and above that Index can quickly move towards 40,000/40200 levels. And on the lower side, 39100 & 38900 are the supports for tomorrow.

important level for the Nifty bulls

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17850 to move towards 17880/177920/17970/18030.

On the lower side, the Gann support level is 17760; below that Index can move towards 17730/17690/17640/17580.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 39400 to move towards 39500/39700/40000.

On the lower side, the Gann support level is 39100; below that Bank Nifty Index can move towards 39000/38800/38500.

Note: The above levels are for educational purposes. 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.