Nifty Fell 200 Points Below Angle Line

In the last analysis, we discussed. The Nifty Index is juggling between ‘Time & Price’ balance. For further upside, we need the close above 12230-240 range for the move towards 12305/12370 levels. On the lower side, the significant support for the market is in the 12090-12050 range. However, the market can witness an intermediate weakness below 12130 levels.

After our last post, Index made the high of 12246 but failed to get the close above it. 

In the result of its market went below 12130 Gann support level and corrected towards 11908 levels.

Nifty Hourly Chart
Nifty Hourly Angle Chart

In the previous post, we also discussed, The trend on the ‘Hourly Chart’ is still up, as Nifty is trading well above our ‘Unique’ angle line.

This trade set up rewarded well to us & our students who had already learned this proprietary technique.

As on the Monday market, finally, break below the ‘Unique’ angle line, which was Signal that now Sell trade can be taken.

The break of ‘Unique’ angle line rewards us with nearly 200 points profit and that too, with Safe & minimal risk on the trade.

Nifty Daily 'Gann Angle' Chart

Now moving forward, Nifty Index bulls need to ensure they must hold 11865-875 range on an EOD basis.

As below that, a market can again witness weakness, and we can see the levels of 11780/11690.

Nifty Intraday Trading Levels for 19th Feb

Resistance for today in Intraday is at 12020 above the move towards 12055/12095/12165 can be seen.

While Support for today is likely to come at, 11935 below that move towards 11900/11860/11790 can be seen.

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.