On Wednesday, Nifty and Bank Nifty opened with a gap up, but later both fell and gave up all the opening gains. Bank Nifty tried to cross the resistance (36200-350) zone, but it failed. On the downside, it closed below the 35600, important Gann level, which we discussed in our last few reports.
Tomorrow Nifty and Bank Nifty are likely to have a gap-down opening, as SGX Nifty shows.
Nifty 16350-380 is the important support zone. If the Index sustains below that, it can fall towards 16230/16070/15800 levels.
And In Bank Nifty 35100-34800 is the support zone. If Bank Index holds below that range, then it can fall more.
Nifty Intraday Gann Levels
Nifty bulls need to break & sustain above 16400 to move towards 16450/16510/16580 levels.
On the lower side, the Gann support level is 16320; below that Index can move towards 16270/16210/16140.
Bank Nifty Intraday Gann Levels
Bank Nifty bulls need to break & sustain above 35400 to move towards 35550/35750/36000.
On the lower side, the Gann support level is 35100; below that Bank Nifty Index can move towards 34950/34750/34500 levels.
Note: The above levels are for educational purposes only, not Buy/Sell advice.
