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Nifty Rallies above 11490 Gann Resistance level

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In the last Nifty Analysis, we discussed. For keeping the continuous positive side momentum, bulls need to trade above level 11490 for the target for 11550/11630. On the downside, Support is still at 11330. Only below that can we see bears getting some strength back.

Yesterday, the Index opened on a flat note. Soon after crossing the 11490 mark, bulls took charge, and Nifty made the high around 11586 before the closing.

Above the 11490 level, Nifty rallied almost 100 points. After our breakout at 11423, we were able to capture the whole move.

Now, the Nifty is progressing towards a significant Time cycle point today and on Monday. We can see some pullback in the present ongoing upside rally.

The Index bulls now need to hold 11535 to maintain the continuous positive side momentum in their favour. On the upside, 11675-11700 is the critical area to watch for a more significant trend.

Intraday Nifty Trading Levels for 18th Oct

Resistance for today in Intraday is at 11615. Above, the move towards 11655/11715/11825 can be seen.

While Support for today is likely to come at 11540, a move towards 11500/11440/11330 can be seen below that.

Note: The above-mentioned Price projection & other Information are for educational purposes only.

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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.