Last week, both indices closed flat. The Nifty closed 128 points lower, and Bank Nifty closed 127 points higher on a close-to-close basis.
Next, the 16930-16900 zone will play a vital role in deciding the weekly trend of the Nifty. And on the upside, a sustainable move above 17200 and then 17500 will strengthen the bulls more.
For Bank Nifty, the 38900-700 range is critical. A sustainable move below that zone can push Bank Index further lower. And the 39500-600 area will act as the resistance on the higher side.
Nifty Weekly Gann levels
Next week, 18 & 20 October, are the Gann dates for the Nifty 50 Index.
The Nifty 50 Index has a strong Resistance at the 17200 level.
If it breaks and holds above that, then it can trade higher and advance towards 17280/17380/17500/17640.
On the lower side, the Gann support level is at 16980.
If the Index holds below that, then it can move lower towards 16900/16800/16680/16540.
Bank Nifty Weekly Gann levels
Next week, 18 & 20 October, are the Bank Nifty Gann dates.
The Bank Index has a major Resistance at the 39500 level.
If it breaks and holds above that, then it can trade higher and advance towards 39700/40000/40400/40900.
On the lower side, the Gann support is at the 38900 level.
If the Index holds below that, then it can move lower towards 38700/38400/38000/37500.
Note: The above levels are for educational purposes. Not Buy/Sell advice.
Image and article originally from www.diveshtechanalysis.com. Read the original article here.