The Nifty closed 185 points higher last week, while Bank Nifty closed 536 points higher. Although the bulls fought back, but the conviction in this upswing is lacking.
In the upcoming week, the trend of Nifty can be determined by a range of 19150-120. Bulls will have an advantage if they break and sustain above the crucial Gann price point of 19360.
If Bank Nifty manages to break and hold above the 43700 level and maintain that position, it will strengthen the Bulls. However, the true test for Bank Nifty bulls will be to break and sustain above the 44200-300 zone. On the downside, the 43050 point is crucial.
Weekly Gann Levels for the Nifty
The 8th and 9th of November are critical dates for Nifty, as they could mark a change in trend as per Gann analysis.
A break and hold above the 19360 Gann resistance level could take the Nifty 50 Index higher toward the 19440/19530/19700 levels.
Based on the Gann Analysis, the lower support is at 19150. If the Nifty breaks and remains below that level, it could decline towards 19030/18910/18800 levels.
A Monthly Published Report that provides you with detailed Time-Specific Turning Points for Nifty, Bank Nifty, Crude Oil (MCX), Gold (MCX), USDINR, and volatile stocks like Reliance.
Weekly Gann Levels for Bank Nifty
The 08th and 09th of November are critical for the Bank Nifty Index as per the Gann analysis.
A break and hold above the 43700 resistance level could lift the Bank Nifty Index towards the 43900/44200/44600/45100 levels.
Based on the Gann Analysis, the Bank Nifty support is at 44900. If the Bank Nifty Index breaks and remains below that level, it could decline towards 44700/44400/44000/43500.
Note: The above levels are for educational purposes. Not Buy/Sell advice.