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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.
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Image and article originally from www.diveshtechanalysis.com. Read the original article here.