Last week both indices took support from near the Gann levels (16990/35100), which we discussed in the previous week’s analysis. And after that, both jumped higher and ended the week on a positive note.
Next week, the 17710-750 zone will play an important role in deciding the Nifty weekly trend. On the downside, a move below the 17560-550 zone will strengthen the bears.
The 37400-36800 zone will decide the trend in Bank Nifty. Either side holding will give hints on the direction.
Nifty Weekly Gann levels
Next week, 04 & 06 April, are the Gann date for the Nifty 50 Index.
Resistance: 17750. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17800/17860/17930/18010 levels.
Support: 17650. Below that, the Nifty 50 can start moving lower towards 17600/17540/17470/17400 levels.
Bank Nifty Weekly Gann levels
Next week, 04 & 06 April, are the Bank Nifty Gann dates.
Resistance: 37400. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 37600/37900/38300/38800 levels.
Support: 36800. Below that, Bank Nifty can start moving lower towards 36600/36300/35900/35400 levels.
Note: The above levels are only for study. Not Buy/Sell advice.