Bank Nifty Weekly Analysis for 16-20 Sep Week

Last week Bank Nifty bears get whipsaw below 27025. Afterward, Bulls got active and did our all the three weekly targets.

The Bank Index ended the week with 850 points gain. In the coming week, Bank Index will be approaching the Fixed Time Cycle period.

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

Additionally, in previous week analysis, I also discussed the importance of 27455-27510 zone. Once the Bank Nifty gets close above that Bulls receives the strength and moved on the upside.

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

Now in the coming week Bulls are in a strong position. However, ahead there are multiple Resistance’s which Bank Index has to pass for maintaining bullish tone.

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

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

Bank Nifty Weekly Trading Levels

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

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

Note: Above mention Price projection & other Information are for educational purpose only.

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.