Last week, the Nifty 50 Index advanced higher, but Bank Nifty Index was dull and traded in a tight (small) range. The pullback happened, as we discussed in earlier week’s report. But it was of limited points, and later both bounced higher.
Next week, If Nifty breaks and sustains above the 16560-590 range, it can go higher.
If it fails to break or sustains above the 16560-590 range, then again, a pullback can happen till 16470/420/350/220 levels.
Bank Nifty has made solid support in the 35600-800 band. A dip near this zone can be a good buying opportunity with strict stop-loss. On the higher side, 36250-350 is the resistance.
Nifty Weekly Gann Levels
Next week, 16 & 20 August, are the Nifty Gann reversal dates.
Resistance is at 16580 levels. Above that, Index can move towards 16640/16720/16850.
Support is at 16420 levels; below that Nifty 50 Index can move towards 16360/16280/16150.
Bank Nifty Weekly Gann Levels
Next week, 17 & 20 August, are the Bank Nifty Gann reversal dates.
Resistant is at 36350 levels; above that Bank Nifty Index can move towards 36550/36900/37400.
Support is at 35800 levels; below that, Nifty Bank can move towards 35600/35250/34750.
Note: The above levels are only for study. Not a Buy/Sell advice.