Nifty Bank Nifty Analysis & Levels for 16th November

Today both indices opened higher. Then both faced resistance at the levels we discussed yesterday. After that, on the downside, both took support right at the SOC levels and moved upwards. 

Tomorrow, Nifty’s intraday trend will be decided by the 18445-470 zone, while 17380 will act as support.

The 42550-600 zone will be a critical resistance level for Bank Nifty. On the lower side, support is at the 42250-200 zone.

resistance level for Nifty

Nifty Intraday Gann levels

A break & hold above 18470 will help Nifty bulls move towards 18510/18560/18620/18690.

The Gann support level is 18380; below that, the Index can move toward 18340/18290/18230/18160.

resistance level for Bank Nifty

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 42600 to move towards 42750/42950/43200.

On the lower side, the Gann support level is 42250; below that Bank Nifty Index can move towards 42100/41900/41650.

Note: The above levels are for educational purposes. 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.