Nifty Bank Nifty Weekly Analysis: Will the Rally Continue?

Last week, both indices continued the rally. And that helped Nifty to close 220 points higher, and Bank Nifty closed 500 points up on a close-to-close basis.

Next, the 16930-16900 zone will play a vital role in deciding the weekly trend of the Nifty. And on the upside, a sustainable move above 17260 and then 17500 will strengthen the bulls more. 

For Bank Nifty, the 38700 level is critical. A sustainable move below that zone can push Bank Index further lower. And the 39350 and then 39900-40100 area will act as the resistance on the higher side. 

weekly trend of the Nifty

Nifty Weekly Gann levels

The Nifty 50 Index has a strong Resistance at the 17260 level. 

If it breaks and holds above that, then it can trade higher and advance towards 17340/17440/17560/17700. 

On the lower side, the Gann support level is at 17040

If the Index holds below that, then it can move lower towards 16960/16860/16740/16600.

weekly trend of the Bank Nifty

Bank Nifty Weekly Gann levels

The Bank Index has a major Resistance at the 39350 level. 

If it breaks and holds above that, then it can trade higher and advance towards 39550/39850/40250/40750.

On the lower side, the Gann support is at the 38700 level. 

If the Index holds below that, then it can move lower towards 38500/38200/37800/37300.

Note: The above levels are for educational purposes. 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.