Nifty Index can move lower


Last week till Thursday, both indices moved lower. Then on Friday, a short covering happened, and that helped Nifty to close above 17000 and Bank Nifty above 38500. But still, both ended the week in the red. 

Next week, the 17900-840 zone will play an important role in deciding the Nifty Index trend. And on the upside, a sustainable move above the 17200 will strengthen the bulls more. 

For Bank Nifty, the 38200-37900 zone will be crucial. A sustainable move below that zone can push Bank Index further lower. And the 38600-800 zone will act as the resistance on the higher side. 

Nifty Weekly Gann levels

Next week, 03rd October, are the Gann dates for the Nifty 50 Index.

Resistance: 17100. Above that, the Nifty can trade higher and reach 17190/17300/17430/17580 levels.

Support: 16900. Below that, the Nifty Index can move lower towards 16810/16700/16570/16420 levels.

Bank Nifty Weekly Gann levels

Next week, 03rd October, are the Bank Nifty Gann dates.

Resistance: 38700. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38900/39200/39600/40100 levels.

Support: 38100. Below that level, Bank Nifty can move lower towards 37900/37600/37200/36700.

Note: The above levels are only for study. Not Buy/Sell advice.


Image and article originally from Read the original article here.

By Divesh