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Nifty Bank Nifty Weekly Analysis ahead of Union Budget 2022

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Last week, both Nifty & Bank Nifty continued to fall. As a result, the Nifty ended the week on a negative note. But Bank Nifty ended flat to positive.

Until Nifty trades below the 17300-450 zone, bears have the upper hand. Bulls need a strong upholding above that zone to turn the things in their favor. On the downside, 16980 & 16800 are the supports.

The Bank Nifty has strong resistance at 38230-300 zone. If it breaks and sustains above that zone, it can trade higher. On the downside, the 37500-37200 zone is the support.

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Nifty Weekly Gann Levels

Next week, 31 January & 01 February, are the Gann dates for the Nifty 50 Index.

Resistance: 17250. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17350/17460/17580/17710 levels.

Support: 16980. Below that, the Nifty 50 can start moving lower towards 16880/16770/16650/16520 levels.

Bank Nifty Weekly Gann Levels

Next week, 31 January & 02 February, is the Bank Nifty Gann date.

Resistance: 38300. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38600/39000/39500/40100 levels.

Support: 37500. Below that, Bank Nifty can start moving lower towards 37200/36800/36300/35700 levels.

Note: The above levels are only for study. Not a Buy/Sell advice.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.