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.
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.
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.