0Banknifty moved up today as expected as per the post on Jun-16 (Update for Jun-17). It almost achieved our first swing target of 21100 (Today's top is 21028).
The daily chart shows Banknifty took excellent support at MAs and RSI also reversed from 50 levels (Jun-15 close). So further upmove is very likely.
The hourly chart shows a bullish MA crossover (30-EMA and 40-MA). Banknifty crossed resistance of trendline. Also, MACD crossed the "0" level indicating a bullish move.
FNO data:
Future OI is increased by 12.64%, indicating long build-up. The spot to future discount is still high @ 44 (reduced from 54).
India VIX Gann Box:
VIX is facing resistance at an extreme angle and today was time factor day. So it cooled off. VIX may provide us with guidance on further direction of Markets.
Trade Plan:
Intraday
Above 21100 targets are 21500/21800
Below 20700 targets are 20550/20400
Swing Trade:
Above 21100 targets are 21800/22500/23300
Below 20400 targets are 19700
