Analysis for 16-19 August Week: Bulls in full Cry, But it’s Time for Caution

Last week, both indices continued the rally. And the Nifty closed at 300, and Bank Nifty was 1121 points higher on a close-to-close basis.

Next week, the 17750-830 zone will play an important role in deciding the Nifty Index trend. And on the downside, a sustainable move below the 17600-580 zone will strengthen the bears.

For Bank Nifty, the 39400-500 zone will be crucial. And on the downside, a move below the 38800-700 zone will strengthen the bears.

Nifty Index Weekly Gann levels

Nifty Index Weekly Gann levels

Next week, 17 August, is the Gann date for the Nifty 50 Index.

Resistance: 17850. Above that, the Nifty 50 can trade higher and reach 17920/18010/18120/18250 levels.

Support: 17700. Below that, the Nifty can move lower towards 17630/17540/17430/17300 levels.

Bank Nifty Index Weekly Gann levels

Bank Nifty Weekly Gann levels

Next week, 17 August, is the Bank Nifty Gann date.

Resistance: 39500. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 39700/40000/40400/40900 levels.

Support: 38800. Below that level, Bank Nifty can move lower towards 38600/38300/37900/37400 levels.

Note: The above levels are only for study. Not Buy/Sell advice.

About the author

Divesh Jotwani is a full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.