Last week, both Nifty & Bank Nifty fell and ended the week in the red. It was expected and the same we discussed in the previous week’s analysis that both the indices could take a dip in the short term.
Next week, the 17660-710 zone will play an important role in deciding the Nifty weekly trend. If bulls break and hold above that zone, the Index can trade higher. On the downside, 17500 & 17300 are the supports.
The Bank Nifty has strong resistance at 37750-38000 zone. If it breaks and sustains above that zone, it can trade higher. On the downside, the 37200-37000 zone is the support.
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Nifty Weekly Gann Levels
Next week, 25 January, is the Gann date for the Nifty 50 Index.
Resistance: 17710. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 17780/17860/17950/18050 levels.
Support: 17500. Below that, the Nifty 50 can start moving lower towards 17430/17350/17260/17160 levels.
Bank Nifty Weekly Gann Levels
Next week, 24 January, is the Bank Nifty Gann date.
Resistance: 37800. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 38000/38300/38700/39200 levels.
Support: 37200. Below that, Bank Nifty can start moving lower towards 37000/36700/36300/35800 levels.
Note: The above levels are only for study. Not a Buy/Sell advice.
