Last week, both Nifty & Bank Nifty ended the week in green. Nifty closed 400 & Bank Nifty closed 1100 points higher on a close to close basis.
Next week, the 17450-420 zone will play a crucial role in deciding the week’s trend. If Nifty breaks & sustains below that zone, it can move lower. On the upside, 17580 & 17700 are the resistance.
Until Bank Nifty is below 39100 levels, bears have the upper hand. But, if Bank Nifty breaks & holds above that zone, it can trade higher next week. On the downside, the 38600-38500 zone is the support.
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Nifty Weekly Gann Levels
Next week, 07 & 10 February, are the Gann dates for the Nifty 50 Index.
Resistance: 17580. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17640/17710/17790/17880 levels.
Support: 17420. Below that, the Nifty 50 can start moving lower towards 17360/17290/17210/17120 levels.
Bank Nifty Weekly Gann Levels
Next week, 07 & 10 February, are the Bank Nifty Gann dates.
Resistance: 39100. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 39300/39600/40000/40500 levels.
Support: 38500. Below that, Bank Nifty can start moving lower towards 38300/38000/37600/37100 levels.
Note: The above levels are only for study. Not a Buy/Sell advice.