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BankNifty Update for Jul-13,2020

Ninad Deshmukh
12 Jul 0 0

Banknifty did all our targets below 22700 (22500 & 22350). Low made was 22320.

 
The daily chart shows Banknifty is taking support @ the lower line of the wedge. So tomorrow will make or break for Banknifty. If it sustains below the wedge line then we may see further down move towards 22100/21800 levels.
 
The daily RSI is @ a significant level of 60. So we can expect a good move on either side.
 

VIX:

The daily Gann Box yet to give us clear direction after crossing time factor. So I would keep a close watch for a further clue from VIX on any clear direction.

FNO Data:

The future OI increased by 11% with a decrease in price suggesting short build-up in Banknifty.

Trade Plan:

Above 22500 targets are 22630/22720/22800
Below 22330 targets are 22050/21800
 
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