On a weekly close-to-close basis last week, the Nifty closed 181 points lower, and the Bank Nifty closed 765 points lower.
Next week, the 17550 level will play a critical role in deciding the weekly trend of the Nifty. The bears will gain an advantage if they move and manage to stay below the 17240 level.
Bank Nifty’s 40200 level is decisive; any sustained decline below it can push the Bank Nifty Index down. On the upside, the 40700 & 41200 levels will act as resistance.
Weekly Gann Levels for the Nifty
Next week, 14th March is the Gann date for the Nifty 50 Index.
A break and hold above the 17470 level could take the Nifty 50 Index higher towards the 17530/17620/17740/17890 levels.
Lower-end Gann support is at the 17300 level. If the Index holds below that, then it may move toward the 17240/17150/17030/16880 levels.
Weekly Gann Levels for Bank Nifty
Next week, 14th March is the Bank Nifty Gann date.
A break and hold above the 40700 level could lift the Bank Nifty Index towards the 40900/41200/41600/42100 levels.
Lower-end Gann support is at 40200. If the Bank Nifty breaks and holds below that level, then it could move toward the 40000/39700/39300/38800 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.