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BankNifty Update For Jun-12, 2020

Ninad Deshmukh
12/06/2020 0 0

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.

There is a strong possibility of reversal of the trend, and we may see a sharp down move in the coming days/weeks. This confirmation will happen only when Banknifty breaks 20300 levels.
The daily chart shows Banknifty still holding 20400-300 zone. If it opens the gap down below 20300, then we may get an excellent down move towards 20000/19700/19500/19000.
The hourly chart is showing MACD crossing zero, which is a strong bearish signal.  Bearish MA crossover worked well. Below 20300, supports are 20100/19700/20450/19000.

F & O Data:

Banknifty spot to future discount is 16 (changed from a premium of 19 yesterday, change of -35 points). OI spurts data shows a 40.6% change in OI. Future OI decreased by 6%, suggesting long position unwinding.

India VIX:

Keep a close watch on VIX. It is likely to move up sharply in the coming days.

Trade Plan:

Global clues are suggesting possible BIG Gap down opening tomorrow.
Below 20300 targets are 20100/19700/19500/19000
The above 20700  targets are 20900/21100.
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