Last week, the Nifty closed 262 points higher on a weekly basis, while the Bank Nifty closed only 50 points lower.
The weekly trend for Nifty will depend on the critical level of 18690. Bulls will gain an advantage if they break and sustain their gains above the 18850-70 range.
The 44500-550 range for Bank Nifty is crucial. Any sustained rise above the 44550 level will strengthen bullish sentiment. On the downside, 43600 is a significant support level.
Weekly Gann Levels for the Nifty
The 19th and 21st of June are critical Gann dates for Nifty.
A break and hold above the 18870 resistance level could take the Nifty 50 Index higher toward the 18920/18990/19080/19190 levels.
Gann support at the lower end is at the 18690 level. If the Index holds below that, it may decline toward the 18640/18570/18480/18370 levels.
Weekly Gann Levels for Bank Nifty
Next week, 19 & 21 June, is a Critical Gann date for the Bank Nifty.
A break and hold above the 44200 resistance level could lift the Bank Nifty Index towards the 44500/44900/45400/46000 levels.
Gann support at the lower end is at 43600. If the Bank Nifty breaks and holds below that level, it could decline toward the 43300/42900/42400/41800 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.