Nifty last week made the low (15513) near the important support level (15500), which we discussed in last week’s analysis. And from there, it jumped over 300 points.
The higher time frame charts are not in favor of bulls. The 15500-16030 wide range will decide the further trend of the markets.
Bank Nifty has reached a crucial stage on weekly charts, suggesting that it will soon give either side breakout.
The 34340-300 zone is critical for the Bank Index. In the coming days, If it breaks and sustained below the 34340-300 zone, then it can hit 33100/32100 levels.
Nifty Weekly Gann Levels
Next week, 03 & 06 August, are the Nifty Gann reversal dates.
Resistance is at 15850 levels. Above that, Index can move towards 15900/15960/16030/16110.
Support is at 15680 levels; below that Nifty 50 Index can move towards 15630/15570/15500/15420.
Bank Nifty Weekly Gann Levels
Next week, 04 & 06 August, are the Bank Nifty Gann reversal dates.
Resistant is at 34900 levels; above that Bank Nifty Index can move towards 35100/35400/35800/36300.
Support is at 34300 levels; below that, Nifty Bank can move towards 34100/33800/33400/32900.
Note: The above levels are only for study. Not a Buy/Sell advice.