0Banknifty opened Gap Down and continuously moved down. In the last two days, it almost falls more than 1200 points. We can capture this move from nearly the top of 23000.
The daily chart shows Banknifty took support at 30-EMA levels. MACD signal gave a bearish crossover signalling possibility of further fall in the coming days. RSI @ significant levels of 50.
Break of 20900 could lead to a sharp fall towards 19700/19500.
On the hourly chart, the MACD signal gave bearish crossover yesterday, and we saw a good fall in Banknifty. 
Gann Box:
Weekly Gann Box shows Banknifty exactly changed the trend from the time factor zone. Also, the weekly opening was near the angle, and it reversed after hitting the edge and gave a good fall. It was signalling a bearish trend for the coming weeks.
On the daily Gann Box chart, we can see today Banknifty opened near angle, hit angle, and reversed sharply giving good down move.
FNO Data:
The future OI decreased by 7% signalling short covering with fall. The spot to next premium is reduced to 4 from 83. My observation with the premium for last week is it is playing contra. When there is a reduction in premium, Banknifty moves up, and when premium increases, it falls.
Trade Plan:
Above 24540 targets are 21650/21700/21800
Below 21300 targets are 21100/21050/20950
If 20900 breaks, then the targets are 20400/20100. 20400 is Gann Degree Number for Banknifty.
I have a bullish bias for the short term if Banknifty holds the 21100-20900 zone. We may get corrective move towards 21800/22000 or one more leg of the up step towards 22500. Wait and watch.
