Today both the indices opened down. Then, the bounces get sold off, and finally, both indices closed nearly 1.50% down.
The bears have the upper hand until the Nifty is trading below the 17690 level. On the lower side, a sustainable move below 17470 will add more pressure towards the downside.
And for Bank Nifty also, the story is pretty much the same. The bears are in control until the Index trades below the 38400-300 zone. And on the lower side, 38100 & 37700 are the supports.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 17570 to move towards 17610/17660/17720/17790.
On the lower side, the Gann support level is 17470; below that Index can move towards 17430/17380/17320/17250.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 38400 to move towards 38550/38750/39000.
On the lower side, the Gann support level is 38100; below that Bank Nifty Index can move towards 37950/37750/37500.
Note: The above levels are for educational purposes. Not Buy/Sell advice.
Image and article originally from www.diveshtechanalysis.com. Read the original article here.