On a weekly close-to-close basis last week, the Nifty closed 440 points higher, and the Bank Nifty closed 1115 points higher.
Next week, the Nifty weekly trend will be determined by the 18300 level. Bears will gain an advantage if they break and stay below the 17800 level.
The 43600-750 range for Bank Nifty is crucial. Any sustained rise above the 43750 level will strengthen bullish sentiment. On the downside, the 43000-42800 range is a support area. So, a sustained move below that area could weaken the Bank Nifty.
Weekly Gann Levels for the Nifty
Next week, the 03rd of May, is a Crucial Gann date for Nifty.
A break and hold above the 18200 resistance level could take the Nifty 50 Index higher toward the 18290/18450/18650 levels.
Gann support at the lower end is at the 17950 level. If the Index holds below that, it may decline toward the 17860/17700/17500 levels.
Weekly Gann Levels for Bank Nifty
Next week, the 05th of May is a Critical Gann date for Bank Nifty.
A break and hold above the 43750 resistance level could lift the Bank Nifty Index towards the 43950/44250/44650/45150 levels.
Gann support at the lower end is at the 43000 level. If the Bank Nifty breaks and holds below that level, it could decline toward the 42800/42500/42100/41600 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.