A Big-Bang move is Around the corner; Nifty Bank Nifty Analysis for Wednesday

Today both indices opened with a mild gap-up. Then both indices traded in a small range and made the low near the support levels (17246/35400) discussed in yesterday’s analysis. Then from that low, both again moved up and closed in the green.

Now bulls need to hold the 17290-260 zone to move towards 17390/17450/17520 levels.

But if bulls fail to hold the 17290-17260 zone, then bears will again gain the upper hand. And in that case, the Nifty can again move towards 17230/17170/17090 levels.

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17350 to move towards 17390/17440/17500/17570.

On the lower side, the Gann support level is 17270; below that Index can move towards 17230/17180/17120/17050.

Until Bank Nifty holds the 35600-400 zone, bulls are strong. And they can take Bank Index towards 36150/36500 levels.

But if Bank Nifty fails to hold the 35600-400 zone, then bears will again gain the upper hand. And in that case Bank Index can again move down towards 35200/34900 levels.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 35950 to move towards 36100/36300/36550.

On the lower side, the Gann support level is 35650; below that Bank Nifty Index can move towards 35500/35300/35050.

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.