Last week both indices ended the week on a negative note. The Nifty closed 700 points & Bank Nifty 1700 points down on a close-to-close basis.
Next week, the 16570-16600 zone will play an important role in deciding the Nifty weekly trend. On the downside, a move below the 16280-250 zone will strengthen the bears.
The Bank Nifty bulls need to hold the 34000-100 zone for a bounce-back. But if they fail to hold, then it can fall more. And on the upside, the 35200-300 zone will act as a strong resistance.
Nifty Weekly Gann levels
Next week, 09 & 12 May, are the Gann dates for the Nifty 50 Index.
Resistance: 16500. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 16560/16630/16710/16800 levels.
Support: 16330. Below that, the Nifty 50 can start moving lower towards 16270/16200/16120/16030 levels.
Bank Nifty Weekly Gann levels
Next week, 09 & 13 May, are the Bank Nifty Gann dates.
Resistance: 34700. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 34900/35200/35600/36100 levels.
Support: 34300. Below that, Bank Nifty can start moving lower towards 34100/33800/33400/32900 levels.
Note: The above levels are only for study. Not Buy/Sell advice.