Nifty Bank Nifty Analysis for 05th January Weekly Expiry

In today’s trading, both indexes opened flat, then moved slightly higher and took resistance from the levels we discussed in yesterday’s analysis. Then both moved lower and closed over 1% down in the red.

Tomorrow, Nifty’s intraday trend could be determined by the break and hold of the 18110-120 zone, while support could come from the 18010 level.

The 42870-42700 range is a crucial support area for the Bank Nifty Index. If it breaks & sustains below that, then it could slide toward the 42300/42100 levels. And on the upside, 43350 & 43650 are the key resistance levels.

support area for the Nifty

Nifty Intraday Gann levels

A break & hold above 18110 will help Nifty bulls move towards 18140/18180/18230/18290.

The Gann support level is 18010; below that, the Index can move toward 17980/17940/17890/17830.

support area for the Bank Nifty

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 43050 to move towards 43200/43400/43650.

On the lower side, the Gann support level is 42700; below that Bank Nifty Index can move towards 42550/42350/42100.

Note: The above levels are for educational purposes. Not Buy/Sell advice.

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.