Last week, the Nifty gained 487 points, while Bank Nifty rose by over 881 points.
In the coming week, the market may become bullish if Nifty breaks and sustains above the Gann level of 21710. However, the bears may take control if Nifty breaks and stays below 21280, which is a critical Gann price point.
Bank Nifty bulls will gain further strength if they break above the 48600 level and hold it. On the downside, the 47800 level is a crucial support level.
Weekly Gann Levels for the Nifty
According to the Gann analysis, the 19th and 20th of December are critical dates for Nifty.
A break and hold above the 21710 Gann resistance level could take the Nifty 50 Index higher toward the 21800/21920/22070/22300 levels.
Based on the Gann Analysis, the lower support is at 21280. If the Nifty breaks and remains below that level, it could decline towards the 21190/21070/20920/20700 levels.
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Weekly Gann Levels for Bank Nifty
As per the Gann analysis, the 18th and 19th of December are critical dates for the Bank Nifty Index.
A break and hold above the 48600 resistance level could lift the Bank Nifty Index towards the 48800/49100/49500/50100 levels.
The Gann support level for Bank Nifty is at 47800. If the Bank Index breaks and remains below that level, it could decline towards 47600/47300/46900/46300.
Note: The above levels are for educational purposes. Not Buy/Sell advice.