On a weekly close-to-close basis last week, the Nifty closed 478 points lower and the Bank Nifty 1222 points lower.
Next week, the 17700 level will play a critical role in deciding the weekly trend of the Nifty. The bears will gain an advantage if they break and hold the price below the 17350 level.
The 40700 level for Bank Nifty is decisive. A sustained move above that zone can push the Bank Index higher. On the downside, the 39500 level will act as support.
Weekly Gann Levels for the Nifty
Next week, 28 February & 03 March, are the Gann dates for the Nifty 50 Index.
A break and hold above the 17550 level could take the Nifty 50 Index higher towards the 17620/17700/17800/17950 levels.
A lower-end Gann support is at the 17350 level. If the Index holds below that, then it may move toward the 17280/17200/17100/16950 levels.
Weekly Gann Levels for Bank Nifty
Next week, 28 February & 03 March, are the Bank Nifty Gann dates.
A break and hold above the 40200 level could take the Bank Nifty Index higher towards the 40400/40700/41100/41600 levels.
A lower-end Gann support is at 39500. If the Index holds below that, then it may move toward the 39300/39000/38600/38100 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.