Today both the indices opened a gap-up near the resistance level discussed in yesterday’s analysis (16930/35600). Then both indices struggled to break & sustain above that level and started moving lower & ended the session in the red.
Now the 17770-800 is a crucial resistance zone for the Nifty bulls. And until the Index is trading below that bears are strong. And on the downside, 16610-570 is a support zone. If the Index sustains below that, it can fall further towards 16450/16190 levels.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 16710 to move towards 16750/16800/16860/16930.
On the lower side, the Gann support level is 16620; below that Index can move towards 16580/16530/16470/16400.
Bank Nifty bulls need to break & sustain above the 35270-350 zone. Else Index can again move towards 34700/34200 levels.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 35350 to move towards 35500/35700/35950.
On the lower side, the Gann support level is 34990; below that Bank Nifty Index can move towards 34840/34640/34390.
Note: The above levels are for educational purposes only, not Buy/Sell advice.