Trade plan for 06th May: Indices gave up gains and Closed flat

Today both indices opened with a gap-up. Then moved higher, and again, both indices took the resistance from the Gann Square point and gave up all the gains (of nearly 2%). 

Bears have the upper hand until the Nifty is trading below 16900 (on a closing basis). And on the downside, the 16600 is the support. If Index breaks and holds below that, then it can decline further. 

The Bank Nifty closing below 35500 is a concern for bulls as that level was a good support point. So, until Bank Nifty is below that, it can drop more. On the lower side, 34800 is the next critical support. 

nifty resistance from the Gann Square

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 16730 to move towards 16780/16840/16910/16990.

On the lower side, the Gann support level is 16630; below that Index can move towards 16580/16520/16450/16370.

bank nifty resistance from the Gann Square

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 35400 to move towards 35550/35750/36000.

On the lower side, the Gann support level is 35040; below that Bank Nifty Index can move towards 34900/34700/34450.

Note: The above levels are for educational purposes only, not Buy/Sell advice.

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.