Nifty Bank Nifty Weekly Analysis: Can Markets Fall Further?

Last week both indices again ended the week on a negative note. The Nifty closed 600 points & Bank Nifty 1400 points down on a close-to-close basis. 

Next week, the 15680-800 zone will play an important role in deciding the Nifty weekly trend. On the upside, a sustainable move above the 16050-16100 zone will strengthen the bulls. 

The 32900-800 zone will be crucial for Bank Nifty. If it breaks and sustains below that zone, it can fall more. And on the upside, a sustainable move above the 33900-34100 zone will strengthen the bulls. 

the Nifty 50 Weekly trend

Nifty Weekly Gann levels

Next week, 17 & 20 May, are the Gann dates for the Nifty 50 Index.

Resistance: 15880. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 15950/16030/16120/16220 levels.

Support: 15680. Below that, the Nifty 50 can start moving lower towards 15610/15530/15440/15340 levels.

the Bank Nifty Weekly trend

Bank Nifty Weekly Gann levels

Next week, 17 & 20 May, are the Bank Nifty Gann dates.

Resistance: 33500. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 33700/34000/34400/334900 levels.

Support: 32900. Below that, Bank Nifty can start moving lower towards 32700/32400/32000/31500 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.