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Nifty Bank Nifty Analysis: Will Friday’s Buying Continue Next Week?

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Last week till Thursday, both indices moved lower. Then on Friday, a short covering happened, and that helped Nifty to close above 17000 and Bank Nifty above 38500. But still, both ended the week in the red. 

Next week, the 17900-840 zone will play an important role in deciding the Nifty Index trend. And on the upside, a sustainable move above the 17200 will strengthen the bulls more. 

For Bank Nifty, the 38200-37900 zone will be crucial. A sustainable move below that zone can push Bank Index further lower. And the 38600-800 zone will act as the resistance on the higher side. 

Nifty Index can move lower

Nifty Weekly Gann levels

Next week, 03rd October, are the Gann dates for the Nifty 50 Index.

Resistance: 17100. Above that, the Nifty can trade higher and reach 17190/17300/17430/17580 levels.

Support: 16900. Below that, the Nifty Index can move lower towards 16810/16700/16570/16420 levels.

Bank Nifty Weekly Gann levels

Next week, 03rd October, are the Bank Nifty Gann dates.

Resistance: 38700. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38900/39200/39600/40100 levels.

Support: 38100. Below that level, Bank Nifty can move lower towards 37900/37600/37200/36700.

Note: The above levels are only for study. Not Buy/Sell advice.

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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.