Last week, Nifty and Bank Nifty opened, gapped down. But later on the same day (Monday), both bounced back again from Gann levels. And Nifty ended flat & Bank Nifty ended the week lower.
Next week, the 16900-950 zone is crucial for the bulls. If Nifty breaks and holds below that zone, it can trade lower. On the upside, 17070 & 17250 are the resistance levels.
The Bank Nifty has crucial support at 34700-500 zone. If it breaks and sustains below that, it can trade lower. On the upside, the 35200 & 35600 are the resistance levels.
Nifty Weekly Gann Levels
Next week, 27 & 30 Dec, are the Gann dates for the Nifty 50 Index.
Resistance: 17070. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17120/17180/17250/17330 levels.
Support: 16900. Below that, the Nifty 50 can start moving lower towards 16850/16790/16720/16640 levels.
Bank Nifty Weekly Gann Levels
Next week, 27 & 30 Dec, are the Bank Nifty Gann dates.
Resistance: 35200. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 35400/35700/36100/36600 levels.
Support: 34700. Below that, Bank Nifty can start moving lower towards 34500/34200/33800/33300 levels.
Note: The above levels are only for study. Not a Buy/Sell advice.