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Bank Nifty Analysis for 14-18 Oct Week

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Updated On:

In the last Bank Nifty Weekly Analysis post, we discussed. The Bank Index is soon going to reach one of its critical Time Cycle points. Hence we can see a trend change in Bank Nifty and volatile moves.

The Bank Nifty Cycle analysis paid us well, and after a mammoth rally of 4100 points at the end of September, we saw a correction of around 3200 points.

I am now moving ahead as per the Bank Nifty Daily Chart Analysis. The bulls need to trade above 28300 to regain some strength.

On the lower end, the first crucial Support is around 27500; below that, Primary Support is at 26900 levels. Any weekly close below 26900 will add more bearishness from the short to medium term.

The critical dates for the forthcoming week, 14 & 16 October, are as follows:

Bank Nifty Weekly Trading Levels

Next week, 28300 will act as Resistance above, indicating a move towards 28500/28850/29300.

While Support is likely to come at 27900, below that, a move towards 27700/27350/26900 can be seen.

Note: The above-mentioned Price projection & other Information are for educational purposes only.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.