Last week, the Russian attack on Ukraine triggered a crash in worldwide markets, and because of this, Nifty & Bank Nifty also ended the week in red.
But the interesting point is last week’s lows in indices are near the critical Price & time point. So, we may see a pullback in the coming sessions.
Next week, the 16450-16900 zone will play an important role for Nifty bulls. Either side breakout will give further hints on the trend of the markets.
The 36100-36000 is a crucial support area for Bank Nifty, by holding that it can reach 37300/38200 levels. And in case it cannot hold the 36100-36000 zone, it will become weaker and can again show lower levels.
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Nifty Weekly Gann levels
Next week, 28 February & 02 March, are the Gann dates for the Nifty 50 Index.
Resistance: 16800. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 16950/17150/17400/17700 levels.
Support: 16500. Below that, the Nifty 50 can start moving lower towards 16350/16150/15900/15600levels.
Bank Nifty Weekly Gann levels
Next week, 28 February & 02 March, are the Bank Nifty Gann dates.
Resistance: 37000. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 37300/37800/38400/39100 levels.
Support: 36000. Below that, Bank Nifty can start moving lower towards 35700/35200/34600/33900 levels.
Note: The above levels are only for study. Not a Buy/Sell advice.