Last week, Nifty traded lower, and Bank Nifty higher. Nifty fell 600 points from the high, and Bank Nifty scaled up 1200 points from the low. We discussed Bank Nifty 39600-100 range in the last weekly report, which worked quite well.
Next week, if Nifty breaks and sustains above the 18220-250 zone, it can trade higher. On the downside, 18030 is the important Gann support number.
The 40450-600 is a crucial resistance level for the Bank Nifty. The Bank Nifty range is 40600-40100. Either side breakout (withholding) or on a closing basis will decide the trend of the week.
Nifty Weekly Gann Levels
Next week, 25 October, is the Nifty Gann reversal date.
Resistance is at 18170 levels. Above that, Index can move towards 18220/18280/18350/18430.
Support is at 18030 levels; below that Nifty 50 Index can move towards 17980/17920/17850/17770.
Bank Nifty Weekly Gann Levels
Next week, 25 and 29 October, are the Gann reversal date for Bank Nifty Index.
Resistant is at 40600 levels; above that Bank Nifty Index can move towards 40800/41100/41500/42000.
Support is at 40100 levels; below that, Nifty Bank can move towards 39900/39600/39200/38700.
Note: The above levels are only for study. Not a Buy/Sell advice.
