On a weekly close-to-close basis last week, the Nifty closed 295 points higher, and the Bank Nifty closed just 48 points higher.
Next week, the Nifty weekly trend will be determined by the 18575 level. The Bears will gain an advantage if they break and stay below 18400.
The 44200-250 range for Bank Nifty is crucial. Any sustained rise above the 44250 level will strengthen bullish sentiment. On the downside, 43200 is a significant support level. So, a sustained move below that area could weaken the Bank Nifty.
Weekly Gann Levels for the Nifty
Next week, the 29th & 31st of May, are Crucial Gann dates for Nifty.
A break and hold above the 18575 resistance level could take the Nifty 50 Index higher toward the 18630/18720/18840/18990 levels.
Gann support at the lower end is at the 18400 level. If the Index holds below that, it may decline toward the 18340/18250/18130/17980 levels.
Weekly Gann Levels for Bank Nifty
Next week, the 29th & 31st of May, is a Critical Gann date for Bank Nifty.
A break and hold above the 44250 resistance level could lift the Bank Nifty Index towards the 44450/44750/45150/45650 levels.
Gann support at the lower end is at the 43600 level. If the Bank Nifty breaks and holds below that level, it could decline toward the 43400/43100/42700/42200 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.