Nifty Bank Trading Plan for 11 May: Indices gave up the gains and closed almost flat

Today both indices opened flat. Then moved higher & face the resistance from levels (16405/34700) which we discussed yesterday. And from there, both indices fell and ended almost flat. 

Bears have the upper hand until the Nifty is trading below the 16380-405 zone. And on the downside, the 16170-120 zone is strong support. If Index breaks and holds below that, then it can decline towards 15950/15700 levels. 

The Bank Nifty bulls have to break and hold above the 34550-700 zone ( on a closing basis) for a bounce-back towards 35200/35500 levels. On the downside, the 34100-33800 zone is strong support

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 16270 to move towards 16310/16360/16420/16490.

On the lower side, the Gann support level is 16170; below that Index can move towards 16130/16080/16020/15950.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 34700 to move towards 34850/35050/35300.

On the lower side, the Gann support level is 34350; below that Bank Nifty Index can move towards 34200/34000/33750.

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.