Last week, both indices continued the rally. And Nifty closed 438, and Bank Nifty 752 points higher on a close-to-close basis.
Next week, the 17310-350 zone will play an important role in deciding the Nifty Index trend. And on the downside, a sustainable move below the 17150 will strengthen the bears.
For Bank Nifty, the 38050-38300 zone will be crucial. And on the downside, a move below the 37400-300 zone will strengthen the bears.
Nifty Weekly Gann levels
Next week, 01 & 05 August, are the Gann dates for the Nifty 50 Index.
Resistance: 17350. Above that, the Nifty 50 can trade higher and reach 17420/17510/17620/17750 levels.
Support: 17150. Below that, the Nifty can move lower towards 17080/16990/16880/16750 levels.
Bank Nifty Weekly Gann levels
Next week, 01 & 04 August, are the Bank Nifty Gann dates.
Resistance: 38050. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38300/38650/39100/39700 levels.
Support: 37300. Below that level, Bank Nifty can move lower towards 37050/36700/36250/35650 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.