Last week both indices traded on the sides. First up, then down & then again went up. And in the end, both indices closed flat on a close-to-close basis.
Next week, the 16470-500 zone will play an important role in deciding the Nifty Index weekly trend. And on the upside, keep an eye on the 16640-670 zone. A sustainable above that will again strengthen the bulls.
The Bank Nifty has many supports between the 35200-34900 zone. So, bulls have to hold that area to rally again. And on the upside, a sustainable move above the 35500-600 zone will again strengthen the bulls.
Nifty Weekly Gann levels
Next week, 06 & 09 June, are the Gann dates for the Nifty 50 Index.
Resistance: 16670. Above that, the Nifty 50 can trade higher and move towards 16750/16840/16950/17100 levels.
Support: 16470. Below that, the Nifty 50 can move lower towards 16390/16300/16190/16040 levels.
Bank Nifty Weekly Gann levels
Next week, 06 & 08 June, are the Bank Nifty Gann dates.
Resistance: 35600. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 35800/36100/36500/37000 levels.
Support: 35100. Below that, Bank Nifty can start moving lower towards 34900/34600/34200/33700 levels.
Note: The above levels are only for study. Not Buy/Sell advice.
