0Banknifty achieved our second swing target of 21800 (Post-dated Jun-16 - Update for Jun-17). It made top @ 22078 and reversed back sharply to 21600 levels closing @ 21708.
The daily chart still shows bullish momentum. Today is an important date (Jun-20 was Major Annual Gann Cycle Date-Solstice day). So today's high would be essential to watch for further upmove.
The Hourly chart shows the loss of bullish momentum as MACD histogram (plotted as a line) shows bearish divergence. The possibility of correction/consolidation very likely.
Banknifty may come down to 21100 where 30-EMA (Hourly) may provide support.
Gann Box:
Gann Box on Daily and Weekly time frame shows Banknifty facing resistance @22000 levels.
Trade Plan:
Intraday:
Above 21800 targets are 21950/22000/22150
Below 21550 targets are 21450/21250/21100
