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BankNifty Update for Jun-03. 2020

Ninad Deshmukh
03/06/2020 0 0

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.

 
The price structure on the Daily chart is looking Very Bullish. Price is at the upper Bollinger band that looks like expanding. But more critical is Time calculations suggesting a sharp move in the coming two days.

Time Calculations: Based on Trading Days

From low made on Mar-24 to Top made on Apr-30 = 23
From Apr-30 to Jun-04 = 23
 
From Apr-30 Top to May-12 Low = 7
From May-8 Top to May-22 Low = 7
From Low of 22 to Jun-03 = 7
 
So Jun-3/Jun-4 are essential days.
 
India VIX:
 
Time calculations based on Gann Box for India VIX (Daily chart) is also suggesting Jun-03/Jun-04 as important days as sharp moves in VIX (either side) likely. Observe move around previous vertical timelines.
 
 
Daily/Weekly Gann Box shows price broke the resistance of angles and we may see good upmove.
To summarise, if Banknifty sustains above 20400, we may see a good upmove towards 21100/21300. If it falls below 20400, then it can go to 19700/19000.
 
 
 
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