Last week, both the indices faced resistance (17450/3700) from or near the Gann levels discussed in the previous week’s analysis. As a result, both indices negatively ended the week; Nifty closed 134 & Bank Nifty 1000 points down.
Next week, the 17220-230 zone will play an important role in deciding the Nifty weekly trend. On the downside, a move below the 16990-980 zone will strengthen the bears.
The 35100-35800 zone will decide the trend in Bank Nifty. Either side holding will give hints on the direction.
Nifty Weekly Gann levels
Next week, 29 March, is the Gann date for the Nifty 50 Index.
Resistance: 17230. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17290/17360/17440/17530 levels.
Support: 17070. Below that, the Nifty 50 can start moving lower towards 17010/16940/16860/16770 levels.
Bank Nifty Weekly Gann levels
Next week, 28 & 29 March, are the Bank Nifty Gann dates.
Resistance: 35800. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 36000/36300/36700/37200 levels.
Support: 35100. Below that, Bank Nifty can start moving lower towards 34900/34600/34200/33700 levels.
Note: The above levels are only for study. Not Buy/Sell advice.
