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BankNifty Update For Jul-02,2020

N
Ninad Deshmukh
02/07/2020 0 0

Banknifty gave breakout on the upside of the triangle pattern and made good upmove achieving our last target of 22000, making top @ 22061.

 
The daily chart shows Banknifty is forming a wedge and prices are contracting. The upper line of the wedge is in the range of 22800-900. It would also be interesting to see whether Banknifty takes out Jun-24 top of 21479.
The hourly chart gave a bullish MA crossover. Bullish crossover after bearish crossover suggests the rangebound possibility. The range maybe 21300-22300.
 

Gann Box:

The daily Gann Box shows resistance @ 22200-22300/22500. On the weekly chart, 22550/22800 is strong resistance.
 
They opened on an angle on Monthly Gann Box. Suggesting the possibility of good upmove(already 700 points move today). Next resistance @22950.

FNO Data:

The future OI increased by  7.7% with an increase in price, suggesting long buildup. Also, the spot to future discount reduced substantially from 156 to 47, suggesting bullish sentiment in the short term.
 

Trade Plan:

Above 22100 targets are 22300/22500/22800
Below 21800 targets are 21600/21500/21300
 
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