On Monday, indices opened a gap down, then ran up and closed in the green. Does this action mark the bulls showing up or just slipping short again?
The 16500 is a crucial level for Nifty, and the Friday & Monday close above 16500 shows the importance of the level. But, if Nifty breaks & sustains below 16500, it may fall towards 16250 & 15900. On the higher side, 16900 & 17300 are bulls hurdles for further upside.
On Monday, Bank Nifty closed a bit down, but it still managed to close above its support 35900-36100 zone. So, until the Bank Index holds 36100-35900, bulls are in control. On the lower side, 35500 is the support.
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Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 16820to move towards 16870/16930/17000/17080.
On the lower side, the Gann support level is 16700; below that Index can move towards 16650/16590/16520/16440.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 36400 to move towards 36600/36900/37300.
On the lower side, the Gann support level is 35900; below that Bank Nifty Index can move towards 35700/35400/35000.
Note: The above levels are for educational purposes only, not Buy/Sell advice.