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Last week, both indices ended flat. Nifty closed 150 points down, and Bank Nifty 440 points lower on a close-to-close basis.
Next week, the 16220-250 zone will play an important role in deciding the Nifty Index trend. And on the downside, a sustainable move below the 16070-16050 zone will strengthen the bears.
For Bank Nifty, the 35000-35050 zone will be crucial. And on the downside, a move below the 34400 zone will strengthen the bears.
Nifty Weekly Gann levels
Next week, 18 & 20 July, are the Gann dates for the Nifty 50 Index.
Resistance: 16250. Above that, the Nifty 50 can trade higher and move towards 16310/16380/16460/16550 levels.
Support: 16050. Below that, the Nifty 50 can move lower towards 15990/15920/15840/15750 levels.
Nifty Bank Weekly Gann levels
Next week, 19 & 20 July, are the Bank Nifty Gann dates.
Resistance: 35050. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 35300/35600/36000/36500 levels.
Support: 34400. Below that level, Bank Nifty can move lower towards 34200/33900/33500/33000 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.