Last week, both indices ended in the green. Nifty closed 385 & Bank Nifty 138 points higher on the close-to-close basis.
Next week, the 16700-850 zone will play an important role. Until Nifty is trading below 16700-850 zone, bears are strong. On the downside, the 16470-440 zone will act as support.
The Bank Nifty has strong support at 34300-100 zone. If it breaks & sustains below that zone, bears will get the upper hand. On the upside, the 34900-35000 zone is the resistance.
Nifty Weekly Gann levels
Next week, 15 March, is the Gann date for the Nifty 50 Index.
Resistance: 16700. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 16760/16830/16910/17000 levels.
Support: 16480. Below that, the Nifty 50 can start moving lower towards 16420/16350/16270/16180 levels.
Bank Nifty Weekly Gann levels
Next week, 15 March, are the Bank Nifty Gann dates.
Resistance: 35000. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 35200/35500/35900/36400 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 a Buy/Sell advice.
