Last week, Nifty & Bank Nifty on Monday opened with a gap down. Both Nifty & Bank Nifty low near the Gann levels (16800/37390) discussed last week’s report. From there, Nifty surged 600 & Bank Nifty 1400 points until Friday and ended the week in green.
Next week. If Nifty breaks and holds below the 17120-17100 zone, it can move lower. On the upside, 17290-320 is the resistance zone.
And Bank Nifty bulls need to hold the 36000 level to bounce back. On the upside, 36480-550 is the major resistance zone.
Nifty Weekly Gann Levels
Next week, 06 & 10 Dec, are the Gann dates for the Nifty 50 Index.
Resistance: 17320. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17380/17450/17530/17620 levels.
Support: 17120. Below that, the Nifty 50 can start moving lower towards 17060/16990/16910/16820 levels.
Bank Nifty Weekly Gann Levels
Next week, 08 & 10 Dec, are the Bank Nifty Gann dates.
Resistance: 36550. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 36750/37050/37450/37950 levels.
Support: 35990. Below that, Bank Nifty can start moving lower towards 35800/35500/35100/34600 levels.
Note: The above levels are only for study. Not a Buy/Sell advice.