Nifty Bank Nifty Weekly Analysis: Can Markets Fall Further?

Last week, both indices moved higher in the first half of the week, and Bank Nifty made a new lifetime high. Then in the second half of the week, both fell and gave up most of the gains.

Next week, the 17590-650 zone will play an important role in deciding the Nifty Index trend. And a sustainable move above that zone will strengthen the bulls more. On the lower side, 17450 & 17150 will act as the supports

For Bank Nifty, the 40600-500 zone will be crucial. A sustainable move below that zone can push Bank Index further lower. And the 40890-41000 zone will act as the resistance on the higher side. 

Nifty Gann Angle Chart

Nifty Weekly Gann levels

Next week, 20 & 23 September, are the Gann dates for the Nifty 50 Index.

Resistance: 17650. Above that, the Nifty 50 can trade higher and reach 17730/17830/17950/18090 levels.

Support: 17450. Below that, the Nifty 50 can move lower towards 17370/17270/17150/17010 levels.

Bank Nifty made a new lifetime high

Bank Nifty Weekly Gann levels

Next week, 19 & 23 September, are the Bank Nifty Gann dates.

Resistance: 41000. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 41200/41500/41900/42400 levels.

Support: 40500. Below that level, Bank Nifty can move lower towards 40300/40000/39600/39100.

Note: The above levels are only for study. Not Buy/Sell advice.

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.