The 55-year-old was taken to hospital after the incident in Bloxwich this afternoon, amid reports of shows also being fired.
West Midlands Police announced they had put a section 60 order into place following an incident in the Guild Avenue, Chapel Street and Dawson Street area of Blakenall at around 2.45pm on Saturday.
A spokesperson for West Midlands Police said: "We were called to the area after reports of shots fired and a disorder involving knives. The 55-year-old man was located on Dawson Street and remains in hospital.
"As a result, a section 60 order has been put in place which gives us extra powers to stop and search people."
West Midlands Police went on to say that the incident may be connected with others that began in Dawson Street on Friday afternoon.
The extra powers started at 3.30pm on Saturday and will be in effect for 24 hours.
West Midlands Police is appealing for any information that could help their investigation and would urge people to call on 101 quoting log number 2435 of 27/5.