Today both indices opened below the support levels (17950/37900), which we discussed in yesterday’s analysis. Then both tried to move higher and made the high below and near our support levels. And then, from there, both again fell and ended the session in the red.
Until Nifty bulls hold the 17800-750 zone, they are in control. And to regain the momentum back, bulls have to break and sustain above the 17910 level to regain momentum. But if bulls fail to hold the 17800-750 zone, then bears will gain strength. And in that case, the Nifty can decline further towards 17500 levels.
Until Bank Index is trading below the 37900-38000 zone, bears have the upper hand. And they can take the index towards 37400/36600 levels.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 17840 to move towards 17880/17930/17990/18060.
On the lower side, the Gann support level is 17750; below that Index can move towards 17710/17660/17600/17530.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 37850 to move towards 38000/38200/38450.
On the lower side, the Gann support level is 37550; below that Bank Nifty Index can move towards 37400/37200/36950.
Note: The above levels are for educational purposes only, not Buy/Sell advice.