On a weekly close-to-close basis last week, the Nifty closed 155 points lower, and the Bank Nifty closed 202 points lower.
Next week, the 16700 level will play a critical role in deciding the Nifty weekly trend. The bulls will gain an advantage if they move and stay above the 17250 level.
Bank Nifty’s 39100 level is decisive; any sustained rise above that level will be positive for Bank Nifty’s bulls. On the upside, the 39800 level will act as resistance.
Weekly Gann Levels for the Nifty
Next week, the 31st of March, is the Nifty Gann date.
A break and hold above the 17050 resistance level could take the Nifty 50 Index higher towards the 17130/17230/17450/17600 levels.
Lower-end Gann support is at the 16850 level. If the Index holds below that, it may move toward the 16770/16670/16550/16400 levels.
Weekly Gann Levels for Bank Nifty
Next week, the 31st of March, is the Bank Nifty Gann date.
A break and hold above the 39800 resistance level could lift the Bank Nifty Index towards the 40000/40300/40700/41200 levels.
Lower-end Gann support is 39100. If the Bank Nifty breaks and holds below that level, it could move toward the 38900/38600/38200/37700 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.
