Nifty Gann fan lines to predict possible moves

7 Agu

I have drawn the Gann fan and made a post earlier but it was removed as it was having one of my private indicator.
I am posting it again without that indicator. These Gann lines can help to understand resistance areas and support areas and that can help to understand the possible moves.

With time and based on intensity of nifty moves the resistance and support point can be little different and these Gann fan lines are capable to predict it better.
As you can see the circles made in orange with numbers 1 to 5 show when these Gann lines acted as support or resistance and gave beautiful moves.

Now nifty closed at circle 5 where it is very near to another Gann line but just below it.
Now it has 2 possibilities:-

1. Up moves : Above this lines if it gives 30 min or better 1 hour candle close + it clears horizontal resistance line at 24350 then it can move up to 24500-550 a move of 150 to 200 points, see the blue circle number [6-UP]. [*** This is most likely to happen looking at the nifty closing]
   
   
2. Down move: it it fails to clear 24350 then this green line encircled with number 5 can be used to understand nifty downward moves. If horizontal support 24180 is broken then it can reach to the lines in the circle [6 -down] in blue. [*** This is less likely to happen]
   

8 Agu

Catatan

Nifty so far followed Down move and now target for 24000 is open for the day.

8 Agu

Catatan

Bingo: The stock moved below the Gann fan line treating it as resistance and given run up to 24080. Also it could not cross the resistance mentioned 24350 and day high was 24340, from there a run of almost 200+ points.

The script has not come to the blue circle yet so here is my prediction:

Early Morning Session: Can open with small gap up followed by a pull down or directly a gap down opening and then it is supposed to get support from any of the 3 Gann lines in blue circle {[6]-Down) - 1 in red or 2 green lines. Better it gets support from first 2 lines. Typically 24040-23940 is the support range.
** If it does not get support in this range mentioned then it will start moving towards 23622 (see support line in sky blue) during rest of the day.

Late morning Session: From there if it gets support and move above all the lines in blue circle then
Target#1: it can move up to 24180-24200.

Afternoon Session:
Target#2: If it sustains above target#1 till 12 PM then 24450 can be the next target for rest of the day, once it is achieved there can some profit booking observed.
** If it fails to sustain above target#1 then it can move back towards 24000 and we might see muted moves most of the day due to 2 Gann lines (coming out of morning session blue circle) working as support.