Today after the gap-up opening, both indices faced resistance from the Scale Method level and gave up all the gains. Even later in the day, both indexes went below yesterday’s low and closed marginally in the red.
The markets are now approaching the crucial Price and time level. 30th September to the 03rd October is a time window where both indices can make a low (at least a temporary bottom).
The 16815-16800 zone will play a crucial role tomorrow in deciding the intraday trend. If Nifty sustains below that, then it can fall towards 16730/16610 levels. And on the higher side, the 16960-990 area is the resistance.
Bank Nifty can go more down if it breaks and sustains below the 37400-200 zone. On the higher side, 37900 & 38300 will act as resistance.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 16860 to move towards 16900/16950/17010/17080.
On the lower side, the Gann support level is 16760; below that Index can move towards 16720/16670/16610/16540.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 37800 to move towards 37950/38150/38400.
On the lower side, the Gann support level is 37400; below that Bank Nifty Index can move towards 37250/37050/36800.
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.