Last week, both indices continued the rally. And that helped Nifty to close 220 points higher, and Bank Nifty closed 500 points up 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 17260 and then 17500 will strengthen the bulls more.
For Bank Nifty, the 38700 level is critical. A sustainable move below that zone can push Bank Index further lower. And the 39350 and then 39900-40100 area will act as the resistance on the higher side.
Nifty Weekly Gann levels
The Nifty 50 Index has a strong Resistance at the 17260 level.
If it breaks and holds above that, then it can trade higher and advance towards 17340/17440/17560/17700.
On the lower side, the Gann support level is at 17040.
If the Index holds below that, then it can move lower towards 16960/16860/16740/16600.
Bank Nifty Weekly Gann levels
The Bank Index has a major Resistance at the 39350 level.
If it breaks and holds above that, then it can trade higher and advance towards 39550/39850/40250/40750.
On the lower side, the Gann support is at the 38700 level.
If the Index holds below that, then it can move lower towards 38500/38200/37800/37300.
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.