0Banknifty opened Gap up @19728 near Gann No 19700 and made a big move. Faced resistance in the zone of 20100 making top @ 20225 and consolidated.
It may consolidate for 1-2 days in the range of 20100-19700 before making further up move towards 20400 and 21100. For further upmove, Banknifty needs to hold 19700 zones on a closing basis.
Gann Box:
Daily time frame suggesting resistance @ 20400 levels. Also, the time factor suggesting we may see another top (higher or lower than Apr 30).
On the Weekly time frame also prices reaching resistance levels. Some consolidation is likely before further upmove.
FNO Data:
The deep discount in the Spot to Future is reduced from 198 to 66. This discount was primarily due to hedging for cash positions and adjustment for Ex-dividend prices for Banknifty components.
