Nifty Bank Nifty Analysis for 02-06 May Week: Can bulls Bounce back in May Month? 

Last week both indices ended the week on a flat note. But, a trending move could soon begin as per the time cycle analysis.

And May is an important month as per the free report annual report (which I published in January 2022). So, we may see some bullishness returning back in the markets.

Next week, the 16880-16800 zone will play an important role in deciding the Nifty weekly trend. On the upside, a move above the 17000-50 zone will strengthen the bulls. 

The Bank Nifty bulls need to hold the 35700 zone for a bounce-back. But if they fail to maintain, it can fall towards 35300/34800 levels. And on the upside, the 36200-300 zone will act as a strong resistance. 

nifty bullishness returning back

Nifty Weekly Gann levels

Next week, 02 & 06 May, 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 17100/17160/17230/17310 levels.

Support: 16880. Below that, the Nifty 50 can start moving lower towards 16830/16770/16700/16620 levels.

bank nifty bullishness returning back

Bank Nifty Weekly Gann levels

Next week, 02 & 05 May, are the Bank Nifty Gann dates.

Resistance: 36300. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 36500/36800/37200/37700 levels.

Support: 35700. Below that, Bank Nifty can start moving lower towards 35500/35200/34800/34300 levels.

Note: The above levels are only for study. Not Buy/Sell advice.

About the author

Divesh Jotwani is a full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day-in and-out markets.