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Bank Nifty Weekly View For 30 Dec-03 Jan Week

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Updated On:

Last week Bank Nifty first initiated the Buy above 32475 but failed to hit any of the targets.

Later on, Buy-side stop loss gets triggered. Then the Sell-side gets activated and did our 1st target on the downside.

Overall choppy kind of week for the traders; The Bank Nifty ended the last week with only 27 points gain.

In the previous week, we also discussed. Bank Index is approaching the critical Fixed Time Cycle period; the effect of that cycle was seen very well in the week.

As first on Monday, Bank Nifty made the Top of the week & then on Thursday, it made the bottom/low of the week.

Bank Nifty Daily Chart Gann Angles

Bank Nifty Weekly View

Bank Nifty again made the low near above shown Green angle line & bounced back towards higher levels.

In the coming days, Bank Index bulls need to trade above 32675 for continuing the upside journey.

On the lower end, the 32200 is the Support to watch, below that we can see a dip towards 32050/31800 levels.

In the forthcoming week, 30th Dec & 01st Jan are the critical dates.

Bank Nifty Weekly Trading Levels

Next week 32500 will act as Resistance above which move towards 32650/32900/33300 can seen.

While Support is likely to come at, 32200 below that move towards 32050/31800/31400 can be seen

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