We discussed in the last week’s report that a pullback could happen, and the same happened. Nifty fell over 2.5%, and Bank Nifty over 3.5% from the high.
The few major stocks (like Reliance) are also showing weakness, so both Indexes may show more downside levels in the next few days.
Next week, If Nifty breaks and holds below the 17480-440 zone, it can fall more. On the upside, 17560 and 17650 are the crucial resistance levels.
The 37400-550 zone is a crucial resistance band for the Bank Nifty. If Bank Nifty breaks and holds above the 37400-550 zone, it can move towards 37900/38150/38500 levels. On the downside, 37030-36800 is the support zone.
Nifty Weekly Gann Levels
Next week, 04 & 07 October, are the Nifty Gann reversal date.
Resistance is at 17600 levels. Above that, Index can move towards 17650/17710/17780/17860.
Support is at 17440 levels; below that Nifty 50 Index can move towards 17390/17330/17260/17180.
Bank Nifty Weekly Gann Levels
Next week, 04 & 07 October, are the Bank Nifty Gann reversal dates.
Resistant is at 37400 levels; above that Bank Nifty Index can move towards 37600/37900/38300/38800.
Support is at 36800 levels; below that, Nifty Bank can move towards 36600/36300/35900/35400.
Note: The above levels are only for study. Not a Buy/Sell advice.