Nifty and Bank Nifty opened flat today, and within a few minutes, both jumped higher. Nifty made a high of 17600 & Bank Nifty 37891. But, precisely at the top (high) of the day, both faced resistance from the Gann Square level and gave up all the gains.
Today’s price action shows bears are in control. And bulls need to work hard for the comeback, at least for a short-term move.
Till Nifty is trading below or not closing above the 17490-550 zone, bears have the upper hand. On the downside, the 17420-400 zone is the support.
Bank today traded well above the resistance zone 37300-600, but it failed to close above it. So, bears have the upper hand until Bank Nifty is trading below or not closing above the 37300-600 zone. On the downside, 36900 is the support.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 17460 to move towards 17490/17530/17580/17640.
On the lower side, the Gann support level is 17390; below that Index can move towards 17360/17320/17270/17210.
Bank Nifty Intraday Levels
Bank Nifty bulls need to break & sustain above 37600 to move towards 37750/37950/38200.
On the lower side, the Gann support level is 37250; below that Bank Nifty Index can move towards 37100/36900/36650.
Note: The above levels are for educational purposes only, not Buy/Sell advice.