Last week both indices ended the week on a positive note. Nifty closed 484 points & Bank Nifty was 1155 points higher on a close-to-close basis.
Next week, the 16320-330 zone will play an important role in deciding the Nifty Index weekly trend. A close above 16460 will expand the chances of more upside. And on the downside, keep an eye on the 16070-40 zone; a sustainable below that zone will strengthen the bears.
The 34500-600 zone will play a crucial role for Bank Nifty. A close above 35000 will expand the odds of more upside. And on the downside, a sustainable move below the 34000 zone will strengthen the bears.
Nifty Weekly Gann levels
Next week, 23 & 27 May, are the Gann dates for the Nifty 50 Index.
Resistance: 16330. Above that, the Nifty 50 Weekly trend can change, and it can start moving towards 16380/16440/16510/16590 levels.
Support: 16140. Below that, the Nifty 50 can start moving lower towards 16090/16030/15960/15880 levels.
Bank Nifty Weekly Gann levels
Next week, 23 & 27 May, are the Bank Nifty Gann dates.
Resistance: 34600. Above that, the Bank Nifty Weekly trend can change, and it can start moving towards 34800/35100/35500/36000 levels.
Support: 34000. Below that, Bank Nifty can start moving lower towards 33800/33500/33100/32600 levels.
Note: The above levels are only for study. Not Buy/Sell advice.
