On a weekly close-to-close basis last week, the Nifty closed 312 points lower, and the Bank Nifty closed 887 points lower.
Next week, the 17250 level will play a critical role in deciding the weekly trend of the Nifty. The bears will gain an advantage if they move and manage to stay below the 16800 level.
Bank Nifty’s 39850 level is decisive; any sustained rise above that level will be positive for Bank Nifty. On the downside, the 39400 level will act as support.
Weekly Gann Levels for the Nifty
Next week, the 21st & 23rd of March are Nifty Gann dates.
A break and hold above the 17150 resistance level could take the Nifty 50 Index higher towards the 17250/17400/17600 levels.
Lower-end Gann support is at the 17050 level. If the Index holds below that, then it may move toward the 16950/16800/16600 levels.
Weekly Gann Levels for Bank Nifty
Next week, the 21st & 23rd of March are the Bank Nifty Gann dates.
A break and hold above the 39850 resistance level could lift the Bank Nifty Index towards the 40100/40400/41100 levels.
Lower-end Gann support is at 39400. If the Bank Nifty breaks and holds below that level, then it could move toward the 39100/38700/37900 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.