On a weekly close-to-close basis, the Nifty closed 423 points lower, and the Bank Nifty 2161 points lower.
Next week, the 17680-17700 zone will play a vital role in deciding the weekly trend of the Nifty. The bears will gain an advantage if they move below the 17500 level and sustain it.
The 40700-40900 range for Bank Nifty is decisive. A sustained move above that zone can push the Bank Index higher. On the downside, the 40200 level will act as support.
Weekly Gann Levels for the Nifty
Next week, 30 January & 01 February, are the Gann dates for the Nifty 50 Index.
A break and hold above the 17700 level could take the Nifty 50 Index higher towards the 17770/17860/17970/18100 levels.
A lower-end Gann support is at the 17500 level. If the Index holds below that, then it may move toward the 17430/17340/17230/17100 levels.
Weekly Gann Levels for Bank Nifty
Next week, 30 January & 01 February, are the Bank Nifty Gann dates.
A break and hold above the 40900 level could take the Bank Nifty Index higher towards the 41100/41400/41800/42300 levels.
A lower-end Gann support is at 40200. If the Index holds below that, then it may move toward the 40000/39700/39300/38800 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.
