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Bank Nifty Weekly Analysis for 16-20 Sep Week

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Last week, Bank Nifty Bears got whipsaw below 27025. Afterwards, the Bulls got active and did all three weekly targets.

The Bank Index ended the week with an 850-point gain. In the coming week, It will approach the Fixed Time Cycle period.

On the Daily Chart, bulls moved higher after breaking the Gann Angle Resistance line.

In the previous week’s analysis, I also discussed the importance of the 27455-27510 zone. Once the Bank Nifty gets close above that, the Bulls receive the strength and move on the upside.

The Gann Timing Tools set our profit journey above the 27455-27510 range.

The Bulls are in a strong position in the coming week. However, multiple Resistances are ahead, which the Bank Index has to pass to maintain a bullish tone.

The primary Resistance for Bank Nifty is at the level of 28555. In the coming week, Bank Index bulls must close above that to maintain a short to medium-term upside.

In the forthcoming week, 17 & 20 September are the critical dates.

Bank Nifty Weekly Trading Levels

Next week, 28200 will act as Resistance above, which moves towards 28325/28500/28900 can be seen.

While Support is likely to come at 27750, below that, a move towards 27625/27450/27050 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.