Nifty and Bank Nifty trading near support levels (16380/34800) discussed in the last report.
Both have got few points of bounce from the support levels. It will be interesting to see how long Nifty and Bank Nifty will hold these levels.
Bank Nifty Price action suggests that soon a big move is around the corner. If the Bank Index breaks and sustains below 34800, it can fall towards 34500/34100 levels. On the higher side, 35400-550 is the resistance.
The same with Nifty below 16350-380 zone Index can drop towards 16280/16180/16070 levels. On the higher side, 15550-600 is the resistance.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 16550 to move towards 16580/16620/16670 levels.
On the lower side, the Gann support level is 16470; below that Index can move towards 16440/16400/16350.
Bank Nifty Intraday Gann Levels
Bank Nifty bulls need to break & sustain above 35250 to move towards 35400/35600/35850.
On the lower side, the Gann support level is 34900; below that Bank Nifty Index can move towards 34750/34550/34300 levels.
Note: The above levels are for educational purposes only, not Buy/Sell advice.