Analysis for 01-05 August Week: Will Bears Return to the Market in August Month?

Last week, both indices continued the rally. And Nifty closed 438, and Bank Nifty 752 points higher on a close-to-close basis.

Next week, the 17310-350 zone will play an important role in deciding the Nifty Index trend. And on the downside, a sustainable move below the 17150 will strengthen the bears.

For Bank Nifty, the 38050-38300 zone will be crucial. And on the downside, a move below the 37400-300 zone will strengthen the bears.

the Nifty Weekly trend

Nifty Weekly Gann levels

Next week, 01 & 05 August, are the Gann dates for the Nifty 50 Index.

Resistance: 17350. Above that, the Nifty 50 can trade higher and reach 17420/17510/17620/17750 levels.

Support: 17150. Below that, the Nifty can move lower towards 17080/16990/16880/16750 levels.

the Bank Nifty Weekly trend

Bank Nifty Weekly Gann levels

Next week, 01 & 04 August, are the Bank Nifty Gann dates.

Resistance: 38050. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38300/38650/39100/39700 levels.

Support: 37300. Below that level, Bank Nifty can move lower towards 37050/36700/36250/35650 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.