Last week both indices ended the week on a negative note. The Nifty ended 300 and Bank Nifty 1400 points lower on a close to close basis.
Next week, the 17090-150 zone will play an important role in deciding the Nifty weekly trend. On the upside, a move above the 17250-270 zone will strengthen the bulls.
The Bank Nifty bulls need to hold the 35900 zone for a bounce-back. But if they fail to maintain, it can fall towards 35500/34900 levels. On the upside, the 36300-400 zone will act as a strong resistance.
Nifty Weekly Gann levels
Next week, 25 & 28 April, are the Gann dates for the Nifty 50 Index.
Resistance: 17270. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17320/17380/17450/17530 levels.
Support: 17090. Below that, the Nifty 50 can start moving lower towards 17040/16980/16910/16830 levels.
Bank Nifty Weekly Gann levels
Next week, 18 & 22 April, are the Bank Nifty Gann dates.
Resistance: 36400. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 36600/36900/37300/37800 levels.
Support: 35900. Below that, Bank Nifty can start moving lower towards 35700/35400/35000/34500 levels.
Note: The above levels are only for study. Not Buy/Sell advice.