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Bank Nifty Weekly Forecast 29 Oct-01 Nov

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Updated On:

Last week above 29225, Bank Nifty made the high around 29690, did our 2nd weekly target. The Bank Index ended the week with 275 points gain.

In the previous week, we also discussed Bank Index bulls need the weekly close above 29425 for maintaining the strong upside momentum.

But in spite of the positive ending of the week, Bank Nifty failed to give close above Gann resistance level 29425.

There were tight range moves in the last week; then also we got several profitable Buying/Selling opportunities by applying our unique ‘Kinship Trading’ technique.

Bank Nifty Weekly Forecast

At present, Bank Index made the high near Gann Angle Resistance line and started showing weakness.

In the coming week, Bank Nifty bulls need to trade above 29625 for getting the strength back. Above 29625 Bank Index may face stiff Resistance in the 29775-29800 range.

On the lower side, 28975 will be the Support and below that 28775-28750 will be the primary support zone.

In the forthcoming week, 29th Oct & 01st Nov are the critical dates.


Bank Nifty Weekly Trading Levels

Next week 29460 will act as Resistance above which move towards 29600/29850/30200 can seen.

While Support is likely to come at, 29090 below that move towards 28950/28700/28350 can be seen.

Note: Above mention Price projection & other Information are for educational purpose 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.