Analysis for 22-26 August Week: Bears Roar on the D-Street, Will the Decline continue? 

Last week, both indices rallied well from Tuesday to Friday. But then, on Friday, both fell nearly 2%, gave back most of the gains, and closed flat. 

Well, I alerted about this fall in advance with a precise level to our ‘Gann trade secrets newsletter’ readers. If you wish, you can also subscribe to our FREE newsletter by filling out the below form. 

Next week, the 17630-590 zone will play an important role in deciding the Nifty Index trend. And on the upside, a sustainable move above the 17870-900 zone will again strengthen the bulls.

For Bank Nifty, the 39300-500 zone will be crucial. And on the downside, a move below the 38300 zone will strengthen the bears more.

Gann date for the Nifty Index

Nifty Weekly Gann levels

Next week, 23 & 25 August, are the Gann date for the Nifty Index.

Resistance: 17870. Above that, the Nifty 50 can trade higher and reach 17930/18000/18080/18170 levels.

Support: 17690. Below that, the Nifty 50 can move lower towards 17630/17560/17480/17390 levels.

Gann date for the Bank Nifty Index

Bank Nifty Weekly Gann levels

Next week, 22 & 25 August, are the Bank Nifty Gann date.

Resistance: 39300. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 39500/39800/40200/40700 levels.

Support: 38700. Below that level, Bank Nifty can move lower towards 38500/38200/37800/37300 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.