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Trade Plan for 19 August: Indices Erase Early Losses and Closed on a Flat note

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Today both indices opened gap down. Then both recovered and then again dropped. And then finally, around 12:00 pm, both did the low at the Gann square support level and jumped towards the day high. But in the end, both closed on a flat note. 

The bulls have the upper hand until the Nifty is trading above the 17850-830 zone. And on the higher side, the 18040-50 zone can act as a solid resistance point. 

Bank Nifty today managed to close above the 39500 level, so the chances are high that it can move higher towards 40,000/40,200 levels. And on the lower side, 39400 & 39100 are the supports for tomorrow.

nifty indices opened gap down

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17995 to move towards 18025/18065/18115/18175.

On the lower side, the Gann support level is 17900; below that Index can move towards 17870/17830/17780/17720.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 39700 to move towards 39850/40050/40300.

On the lower side, the Gann support level is 39400; below that Bank Nifty Index can move towards 39250/39050/38800.

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.