Last week both indices closed on a flat to negative note. The Nifty 50 Index, on a close-to-close basis, closed nearly 200 points down, and Bank Nifty closed flat.
Next week, the 17460-490 zone will play an important role in deciding the Nifty Index trend. And a sustainable move below the 17270-300 zone will strengthen the bears more. On the upper side, 17600 & 730 will act as the resistance.
For Bank Nifty, the 38800-700 zone will be crucial. And a move below the 38300 zone will strengthen the bears more. And the 39100 & 39500 will act as the resistance on the upper side.
Nifty Weekly Gann levels
Next week, 29 August, is the Gann date for the Nifty 50 Index.
Resistance: 17630. Above that, the Nifty 50 can trade higher and reach 17700/17790/17900/18030 levels.
Support: 17460. Below that, the Nifty can move lower towards 17390/17300/17190/17060 levels.
Bank Nifty Weekly Gann levels
Next week, 30 August, is the Bank Nifty Gann date.
Resistance: 39100. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 39300/39600/40000/40500 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.