Today soon after the opening, both indices moved downwards. Then around 11:20 am, both indices took support from the Gann square point and jumped higher. But around 2:30 pm, both again moved down and closed in the red.
The 16550-490 is a crucial support area for Nifty. And until the Index is above that, bulls are stronger. On the higher, today’s high 16719-740 zone will act as a resistance.
The 36500-365400 is a critical support zone for Bank Nifty. And bulls have the upper hand until Bank Index trades above that zone. And on the upside, 37050 will act as the resistance.
Nifty Intraday Gann levels
Nifty bulls need to break & sustain above 16670 to move towards 16700/16740/16790/16850.
On the lower side, the Gann support level is 16570; below that Index can move towards 16540/16500/16450/16390.
Bank Nifty Intraday Gann levels
Bank Nifty bulls need to break & sustain above 36850 to move towards 37000/37200/37450.
On the lower side, the Gann support level is 36500; below that Bank Nifty Index can move towards 36350/36150/35900.
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.