Nifty today saw profit booking as it was unable to cross Gann level of 26189.20 which was the momentum level. Unable to breach the level of 26189 next important Gann Level was 26004.79 and it touched this level intraday by 13:01 today. The bounce back failed to reach any meaningful level for further momentum which fizzled out at 26040.80 at 13:13. The fall continued thereafter to hit 25902.95 at 13:33 and after small bounce till 25943.20 at 13:48 we again dropped to double bottom area of 25892.25 which was the intraday low at 14:17. We saw short-covering soon till 25984.10 till 15:09 and again profit booking took it to lows of 25918.20. We closed the index at 25960.55 on last 30 min average closing.
For tomorrow we need to watch two levels of 25868 and 25842 if break today’s low of 25892.25. We have major support till 25819.20. Below this levels we have supports at 25587.90 and 25448.95. For any recovery on upside we may face hurdle around 26004.80. Above 26004.80 puts are in danger because we may see short covering till Gann level of 26100.
Use the Gann levels given here wisely to trade and be on the right side on the market to make decent profits. Being a expiry day be careful to move swiftly with the market and do not get caught wrong footed. Be nimble to book profits and avoid wrong entries with small losses.
Happy Trading !!!