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Nifty Bank Nifty Analysis & Levels for 31 Oct-4 Nov Week

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Last week, both indices ended flat to higher. The Nifty closed 210 points, and Bank Nifty closed 206 points higher on a close-to-close basis.

Next, the 16930-16900 zone will play a vital role in deciding the weekly trend of the Nifty. On the upside, a sustained move above 18200 will strengthen the bulls even more.

For Bank Nifty, the 40900-800 range is critical. A sustainable move below that zone can push Bank Index further lower. And the 41300-400 and then 42200 area will act as the resistance on the higher side.

trend of the Nifty

Nifty Weekly Gann levels

Next week, 01 & 03 November, are the Gann dates for the Nifty 50 Index.

The Nifty 50 Index has strong resistance at the 18100 level. If it breaks and holds above that, then it can trade higher and advance towards 18180/18280/18400/18550.

At the lower end, the Gann support level is at 17900. If the Index holds below that, then it can move lower towards 17820/17720/17600/17450.

the trend of the Bank Nifty

Bank Nifty Weekly Gann levels

Next week, 01 & 04 November, are the Bank Nifty Gann dates.

The Bank Index has major resistance at the 41400 level. If it breaks and holds above that, then it can trade higher and advance towards 41600/41900/42300/42800.

At the lower end, the Gann support level is at 40800 level. If the Index holds below that, then it can move lower towards 40600/40300/39900/39400.

Note: The above levels are for educational purposes only. 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.