Nifty Trading View for 17th March

In the last Nifty Daily Analysis, we discussed. The markets globally turned jittery and went into a tailspin after WHO declared the corona-virus as a pandemic. The more pain can be seen today in the markets. Now on the lower side, 8700 & 8400 are the two most significant support levels, where this fall can halt.

After our last Nifty Daily analysis, on Friday market opened gap-down and made the low around 8555 levels. From there, bulls took charge and pushed the Index towards higher levels around 10159 range.

Later on yesterday Nifty with a gap down and continued its negative momentum throughout the day.

Now moving ahead bulls need to hold 9100, for the bounce-back towards 9230/9400/9650 levels.

On holding below 9100 Nifty can slide towards 9000/8850 range, and around 8800 it can again found support for a bounce back.

P.S: I'm not discussing the Intraday levels as, due to Gap-down opening, those levels become meaningless. As the markets will get normalize in the coming weeks will start mentioning it again.

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.