On a weekly close-to-close basis last week, the Nifty closed 128 points higher, and Bank Nifty closed 1340 points lower.
Next week, the 17850 level will play a critical role in deciding the weekly trend of the Nifty. The bears will gain an advantage if they move and sustains below the 17500 level.
The 41700 level for Bank Nifty is decisive. A sustained move above that zone can push the Bank Index higher. On the downside, the 40900 level will act as support.
Weekly Gann Levels for the Nifty
Next week, 06 March, is the Gann date for the Nifty 50 Index.
A break and hold above the 17700 level could take the Nifty 50 Index higher towards the 17770/17860/17970/18100 levels.
A lower-end Gann support is at the 17550 level. If the Index holds below that, then it may move toward the 17480/17390/17180/17050 levels.
Weekly Gann Levels for Bank Nifty
Next week, 08 March, is the Bank Nifty Gann date.
A break and hold above the 41450 level could lift the Bank Nifty Index towards the 41650/41950/42350/42850 levels.
A lower-end Gann support is at 40900. If Bank Nifty breaks and holds below that level, then it could move toward the 40700/40400/40000/39500 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.