Last week, Nifty and Bank Nifty took support from the exact levels (16380/34800), which we discussed in the previous weekly report. And both jumped over 2% from the lower levels.
Next week, If Nifty breaks and sustains above the 16720, it can rally towards 16800/900 levels. On the downside, 16660 is the support level.
Bank Nifty’s last week low is crucial. If the Index holds that low, then soon it will hit 36300/36600 levels. On the downside, 35400 is the support level.
Nifty Weekly Gann Levels
Next week, 30 August & 02 September, are the Nifty Gann reversal dates.
Resistance is at 16720 levels. Above that, Index can move towards 16760/16810/16870/16940.
Support is at 16660 levels; below that Nifty 50 Index can move towards 16620/16570/16510/16440.
Bank Nifty Weekly Gann Levels
Next week, 30 August & 01 September, are the Bank Nifty Gann reversal dates.
Resistant is at 35900 levels; above that Bank Nifty Index can move towards 36100/36400/36800.
Support is at 35400 levels; below that, Nifty Bank can move towards 35200/34900/34500.
Note: The above levels are only for study. Not a Buy/Sell advice.