We discussed in the last week’s report that a Nifty and Bank Nifty may trade lower. But that didn’t happen as both Indexes didn’t break or sustained below the discussed support (17560/37400) levels.
Next week, If Nifty breaks and sustains above the 17950-60 zone, it can trade higher. On the downside, 17820 and 700 are the crucial support levels.
The 37300 is a crucial support level for Bank Nifty. The range is 37300-37950. Either side breakout on a closing basis may start the trending move.
Nifty Weekly Gann Levels
Next week, 11 October, is the Nifty Gann reversal date.
Resistance is at 17960 levels. Above that, Index can move towards 18010/18070/18140/18220.
Support is at 17820 levels; below that Nifty 50 Index can move towards 17770/17710/17640/17560.
Bank Nifty Weekly Gann Levels
Next week, 11 & 15 October, are the Bank Nifty Gann reversal dates.
Resistant is at 38010 levels; above that Bank Nifty Index can move towards 38200/38500/38900/39400.
Support is at 37600 levels; below that, Nifty Bank can move towards 37400/37100/36700/36200.