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Banknifty moved up today as expected as per the post on Jun-16 (Update for Jun-17). It almost achieved our first swing target of 21100 (Today's top is 21028).

FNO data:

India VIX Gann Box:

Trade Plan: 

Today's move was very volatile. Banknifty opened the Huge gap up, almost 600 points, and made top @ 20638. But could not sustain and fall 1000 points making low @ 19507. It made Double Bottom Pattern on the daily chart, and 19500 is an excellent support zone as Daily MAs are providing support. 

It looks like a wave is completed at today's low that started from the top of 21800 levels. I expect an excellent upmove in the next few days provided support of 19500 remains intact. Weekly opening @ 20457, i.e. @ Banknifty Gann Degree Number zone - 20400 and Double Bottom Pattern, suggests bullish move. Targets are 21100/21800/22500/23300.

 

 

The Weekly MACD gave bullish crossover last week. The weekly chart shows the possibility of Banknifty moving to 22800, where 300-EMA resistance lies and 23700, where 30-EMA lies.

 

If you observe, in the past 300 EMA played essential support on the Banknifty Weekly chart. Now it may act as strong resistance.

 

 

The hourly chart shows a bullish MACD crossover. Also, observe substantial bullish divergence in MACD histogram plotted as a line.

 

 

So Banknifty looks bullish on all time frames.

Gann Box:

Weekly Gann Box shows we are at the time cycle week. So a directional move is likely in the coming weeks.

 

 

India VIX:

Vix Daily Gann Box showing it facing resistance @ significant angle. So Vix cools off likely.

 

 

F & O Data:

The future OI decreased by 9%, the possibility of Longs unwinding. But spot to the next discount increased to 42 from 1, which is a bearish signal.

 

Trade Plan: Swing Trade

Above 20400 targets are 21100/21800/22500/23300

 

Below 19700 targets are 19000/18300/17600

 

I have strong Bullish Bias

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Banknifty took the support of Gann Degree Number 20400 zone, and we saw reversal towards Gann Number 21100 making top @ 21199 but closed below 21100, @ 21035.

Banknifty opened Big gap up @ 21636 and immediately hit our primary target of 21800 (Top @ 21807). It found strong resistance @ 21800 levels, a Gann Number, and reversed sharply making low @ 20911 almost 900 points down move from the top. It closed @ 21187. So it still holds 21100 levels. For the last two days, it was pure Gann Number Play from 20400-21100-21800 and back to 21100.

Gann Angles:

India VIX:

Banknifty opened mild Gap up but could not sustain and came down sharply to 21000 levels (20983). But again gave sharp upmove towards our first resistance 21450. So we got a good trade from 21100 to 21450. It faced strong resistance in the 21450-21550 zone.

F & O Data:

Trade Plan:

Banknifty moved in a fashion that was expected for Wednesday. The entire day was a premium eating show except for the last 1 hour, which gave sharp upmove. Banknifty closed exactly on Gann Number 21100.

The hourly chart shows Banknifty consolidated today around MAs and closing above MAs. But bearish crossover is still there. So banknifty may move within range (21800-20400). 

 

 

F & O Data: 

The spot to the future discount of 47 now changed to a premium of 19—no conclusion as very less OI addition.

 

Trade Plan:

As expected, today's expiry was a fiery one! Once Banknifty broke 21100, it achieved our target of 20700, making a low of 20525. Yesterday's RSI level of 60 and an inside bar was one of the clues for such a move possibility. Also, VIX always suggesting down bias as there is no fall in VIX with upmove and instead we see an increase in its value.

F & O Data:

India VIX:

Trade Plan:

After making Gap up opening and sharp upmove towards our target of 21300, Banknifty moved much higher to 21619 but reversed very sharply in last hour closing @ 20940. 

Banknifty crossed the first hurdle of 20400 and closed above it. 20400 is a significant number for Banknifty as it is a 3-digit Gann Degree Number for Banknifty.

Time Calculations: Based on Trading Days