Today both indices opened with a gap-down below the important Gann support levels (16080/34400), which we discussed yesterday. As a result, both indices fall further and closed 2% down.
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. And if tomorrow a weekly close happens below the 15800 level, then that will strengthen the bears.
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 15790; below that Index can move towards 15750/15700/15640/15570.
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 33350; below that Bank Nifty Index can move towards 33200/33000/32750.
Note: The above levels are for educational purposes only, not Buy/Sell advice.