Nifty Bank Nifty Moved Higher Ahead of RBI Policy Statement

Today Nifty & Bank Nifty both opened with a gap above the resistance levels 17350/38300, discussed yesterday. Then after some consolidation, both the indices moved back higher and ended the session with 1% gains.

Until Nifty is trading above the 17333-300 zone, bulls are in a strong position. But on the upside, 17540-550 is a crucial range that bulls need to break & hold for further upside.

Bank Nifty is also in a strong position and they need to hold 38100 levels for more upside. And on the upside, 38900 & 39300 are the resistance points.

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Nifty Intraday Gann Levels

Nifty bulls need to break & sustain above 17490 to move towards 17530/17580/17640/17710.

On the lower side, the Gann support level is 17410; below that Index can move towards 17370/17320/17260/17190.

Bank Nifty Intraday Gann Levels

Bank Nifty bulls need to break & sustain above 38750 to move towards 38900/39100/39350.

On the lower side, the Gann support level is 38450; below that Bank Nifty Index can move towards 38300/38100/37850.

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.