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Last week, both indices rallied well from Tuesday to Friday. But then, on Friday, both fell nearly 2%, gave back most of the gains, and closed flat.
Well, I alerted about this fall in advance with a precise level to our ‘Gann trade secrets newsletter’ readers. If you wish, you can also subscribe to our FREE newsletter by filling out the below form.
Next week, the 17630-590 zone will play an important role in deciding the Nifty Index trend. And on the upside, a sustainable move above the 17870-900 zone will again strengthen the bulls.
For Bank Nifty, the 39300-500 zone will be crucial. And on the downside, a move below the 38300 zone will strengthen the bears more.
Nifty Weekly Gann levels
Next week, 23 & 25 August, are the Gann date for the Nifty Index.
Resistance: 17870. Above that, the Nifty 50 can trade higher and reach 17930/18000/18080/18170 levels.
Support: 17690. Below that, the Nifty 50 can move lower towards 17630/17560/17480/17390 levels.
Bank Nifty Weekly Gann levels
Next week, 22 & 25 August, are the Bank Nifty Gann date.
Resistance: 39300. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 39500/39800/40200/40700 levels.
Support: 38700. Below that level, Bank Nifty can move lower towards 38500/38200/37800/37300 levels.
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.