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Bank Nifty Weekly Trading View 02-06 Dec

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Last week, above 31600, Bank Nifty Bulls got their strength back and moved higher towards a new lifetime high. The Bank Index ended the week with an 834-point gain.

The Bank Index will complete the critical time cycle point in the coming week.

Additionally, last week’s GDP numbers & the coming week’s OPEC meeting will be the watch-out events for the market participants.

Bank Nifty Weekly Analysis

After again making the low near one of the critical Gann angle support lines, Bank Nifty continued its upside journey towards a new lifetime high.

In the coming days, Bank Nifty bulls must trade above 32187 to continue the rally towards 32350/32650 levels.

On the lower end, 31600-530 area is the support to watch, below that we can see a dip towards 31300/31000 levels.

The critical dates for the forthcoming week are 04th & 06th Dec.

Bank Nifty Weekly Trading Levels

Next week, 32130 will act as Resistance above, which move towards 32280/32600/33200 can seen.

While Support is likely to come at 31700, below that, a move towards 31550/31230/30630 can be seen.

Note: The above-mentioned Price projection & other Information are for educational purposes only.

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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.