Trade Set-Up for 03 Aug: Indices Continued their Winning Streak for the 5th Straight session

Today both indices opened lower. But around 10:00 am, both took the support from the Gann square level and bounced higher. The Nifty jumped 175 & Bank Nifty 540 points from the square support level and closed in the green. 

The major support for Nifty is at 17150-111 zone, and minor support is at 17271-229 zone. On the higher side, the 17397-440 zone can be a strong hurdle for the bulls. 

And for Bank Nifty, the major support is at the 37700-600 zone. And on the upside, 38200-38300 can act as strong resistance in tomorrow’s trading session. 

nifty took support from the Gann square level

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 17360 to move towards 17390/17440/17500/17580.

On the lower side, the Gann support level is 17270; below that Index can move towards 17240/17190/17130/17050.

Bank nifty took support from the Gann square level

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 38200 to move towards 38350/38550/38800.

On the lower side, the Gann support level is 37850; below that Bank Nifty Index can move towards 37700/37500/37250.

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.