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Nifty Bank Nifty Analysis for 05th January Weekly Expiry

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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.

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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.