Last week, both indices continued the rally. And the Nifty closed at 239, and Bank Nifty was 429 points higher on a close-to-close basis.
Next week, the 17450-530 zone will play an important role in deciding the Nifty Index trend. And on the downside, a sustainable move below the 17150-130 zone will strengthen the bears.
For Bank Nifty, the 38200-38350 zone will be crucial. And on the downside, a move below the 37200 will strengthen the bears.
Nifty Weekly Gann levels
Next week, 10 August, is the Gann date for the Nifty 50 Index.
Resistance: 17530. Above that, the Nifty 50 can trade higher and reach 17600/17690/17800/17830 levels.
Support: 17370. Below that, the Nifty can move lower towards 17300/17210/17100/16970 levels.
Bank Nifty Weekly Gann levels
Next week, 10 August, is the Bank Nifty Gann date.
Resistance: 38350. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38600/39000/39500/40100 levels.
Support: 37700. Below that level, Bank Nifty can move lower towards 37450/37050/36550/35950 levels.
Note: The above levels are only for study. Not Buy/Sell advice.
Image and article originally from www.diveshtechanalysis.com. Read the original article here.