Today, both indices opened with a gap below the support levels (17650/37400) discussed in yesterday’s analysis. Then both recovered and started moving higher. And finally, in the end, the Nifty closed in red and Bank Nifty in green.
Bear is in control until the Nifty is trading below the 17600-650 zone. And to regain the momentum back, bulls have to break and sustain above the 17650 level. And on the lower side, 17500 is a crucial level for the Nifty. And if Nifty sustains below that level, then it can fall further towards 17300 levels.
Until Bank Index is trading below the 37900-38000 zone, bears have the upper hand. And on the downside, if Bank Index breaks & sustains below the 37600-500, it can fall further.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 17590 to move towards 17630/17680/17740/17810.
On the lower side, the Gann support level is 17500; below that Index can move towards 17460/17410/17350/17280.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 37850 to move towards 38000/38200/38450.
On the lower side, the Gann support level is 37500; below that Bank Nifty Index can move towards 37350/37150/36900.
Note: The above levels are for educational purposes only, not Buy/Sell advice.