On a weekly close-to-close basis last week, the Nifty closed 245 points higher, and the Bank Nifty closed 1132 points higher.
Next week, the Nifty weekly trend will be determined by the 18150 level. The Bulls will gain an advantage if they break and stay above 18440.
For Bank Nifty, the 44100-250 range is crucial. Any sustained rise above the 44250 level will strengthen bullish sentiment. On the downside, 43000 is a support level. So, a sustained move below that area could weaken the Bank Nifty.
Weekly Gann Levels for the Nifty
The 18th and 19th of May are Gann dates for the Nifty.
A break and hold above the 18440 resistance level could take the Nifty 50 Index higher toward the 18530/18640/18770/18920 levels.
Gann support at the lower end is at the 18240 level. If the Index holds below that, it may decline toward the 18150/18040/17910/17760 levels.
Weekly Gann Levels for Bank Nifty
The 16th and 19th of May are Gann dates for the 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.