Last week, Nifty and Bank Nifty traded higher. Nifty got support from the level (17820) discussed in the last week’s report, and Bank Nifty rallied over 1000 points after closing above the 37950 level.
Next week, if Nifty breaks and sustains above the 18380-400 zone, it can trade higher. On the downside, 18300-250 is the support zone.
The 39600 is a crucial resistance level for the Bank Nifty. The Bank Nifty range is 39600-39100. Either side breakout (withholding) or on a closing basis will decide the trend of the week.
Nifty Weekly Gann Levels
Next week, 19 October, is the Nifty Gann reversal date.
Resistance is at 18450 levels. Above that, Index can move towards 18500/18560/18630/18710.
Support is at 18300 levels; below that Nifty 50 Index can move towards 18250/18190/18120/18040.
Bank Nifty Weekly Gann Levels
Next week, 19 October, is the Gann reversal date for Bank Nifty Index.
Resistant is at 39600 levels; above that Bank Nifty Index can move towards 39800/40100/40500/41000.
Support is at 39100 levels; below that, Nifty Bank can move towards 38900/38600/38200/37700.
Note: The above levels are only for study. Not a Buy/Sell advice.