Last week, Nifty and Bank Nifty opened with a gap-up and made the high near the resistance levels (17640/37600) discussed in last week’s report. From there, both the Indices moved downwards and traded in the red for the whole week.
Next week. If Nifty breaks and holds below the 16890-880 zone, it can go more lower. On the upside, 17030-50 is the resistance zone.
The Bank Nifty has crucial support at 35500-300 zone. If it breaks and sustains below that, it can move lower. On the upside, the 36200-300 zone is the major resistance.
Nifty Weekly Gann Levels
Next week, 23 & 24 Dec, are the Gann dates for the Nifty 50 Index.
Resistance: 17050. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17110/17180/17260/17350 levels.
Support: 16880. Below that, the Nifty 50 can start moving lower towards 16820/16750/16670/16580 levels.
Bank Nifty Weekly Gann Levels
Next week, 23 & 24 Dec, are the Bank Nifty Gann dates.
Resistance: 36100. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 36300/36600/37000/37500 levels.
Support: 35500. Below that, Bank Nifty can start moving lower towards 35300/35000/34600/34100 levels.
Note: The above levels are only for study. Not a Buy/Sell advice.