On a weekly close-to-close basis last week, the Nifty closed 203 points lower, and the Bank Nifty closed 14 points lower.
Next week, the 17810 level will determine the Nifty weekly trend. The bears will gain an advantage if they move and stay below the 17500 level.
Bank Nifty’s 42600-700 range is decisive; any sustained rise above that level will strengthen bullish sentiment. On the downside, 42100 is a support level. So, a sustained move below that level could weaken the Bank Nifty.
Weekly Gann Levels for the Nifty
Next week, the 26th & 28th of April, is an important Gann date for Nifty.
A break and hold above the 17710 resistance level could take the Nifty 50 Index higher towards the 17800/17920/18070/18250 levels.
Gann support at the lower end is at the 17500 level. If the Index holds below that, it may decline toward the 17410/17290/17140/16960 levels.
Weekly Gann Levels for Bank Nifty
Next week, the 27th & 28th of April is a Critical Gann date for Bank Nifty.
A break and hold above the 42700 resistance level could lift the Bank Nifty Index towards the 42900/43200/43600/44100 levels.
Gann support at the lower end is at the 42100 level. If the Bank Nifty breaks and holds below that level, it could decline toward the 41900/41600/41200/40700 levels.
Note: The above levels are for educational purposes. Not Buy/Sell advice.
