Indices failed to Cross Gann levels & ended the Session with a Crash

Today, both indices opened with the gap up. Then both moved higher and made the high near the resistance levels (17290/37100), which we discussed in yesterday’s analysis. And then, from there, both indices fell fiercely and ended the session in the red. 

Bears are in control until the Nifty is below the 17200-240 zone. And they can take the Index towards 16500 levels if bulls fail to move above the 17220-240 zone. 

The 35900 is a crucial level for Bank Nifty. And if Bank Index holds that level, then it can bounce back towards 36800/37100 levels. But if it fails to hold 35900, then it can move towards 35500/35100 levels. 

nifty indices fell fiercely

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17970 to move towards 17010/17060/17120/17190.

On the lower side, the Gann support level is 16880; below that Index can move towards 16840/16790/16730/16660.

bank nifty indices fell fiercely

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 36500 to move towards 36650/36850/37100.

On the lower side, the Gann support level is 36200; below that Bank Nifty Index can move towards 36050/35850/35600.

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.