Today both the indices opened down. But both didn’t sustain at the lower levels and soon recovered & jumped higher. Then after consolidation, both moved more higher and closed in the green.
The bears have the upper hand until the Nifty is trading below the 17690 level. And on the lower side, a sustainable move below the 17490-470 zone will add more pressure towards the downside.
The 38500-400 zone is crucial for Bank Nifty. And until it’s above that, bulls have a strong hand. And on the higher side, 38900 & 39300 are the resistances.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 17650 to move towards 17690/17740/17800/17870.
On the lower side, the Gann support level is 17560; below that Index can move towards 17520/17470/17410/17340.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 38900 to move towards 39050/39250/39500.
On the lower side, the Gann support level is 38500; below that Bank Nifty Index can move towards 38350/38150/37900.
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.