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BankNifty Update For Jun-30, 2020

Ninad Deshmukh
30/06/2020 0 0

Banknifty opened a 300 points gap down just below our level of 21300 and achieved our 1st bearish target of 21050 (Low made was 21026). After consolidating throughout the day in the range of 21100-21200, it moved sharply up in the last hour making top @ 21440.

The daily chart shows Banknifty took support along the lower line of the channel. The possibility of upmove towards the upper trend line (Black) is possible in the coming days, which lies around 22700.
The hourly chart shows Banknifty @ resistance of 30-EMA. Upmove may face resistance @ 21600-650 and 21800. Only sustaining above 21800 opens a further possibility of upmove towards 22000/22250.


The daily Gann Box shows the reversal from the angle. So further cool off in VIX is likely unless this angle is broken.

FNO Data:

The spot to future discount is still very high @ 123. A not very significant change in future OI(only 2.55% reduction) 

Trend Plan:

Above 21650 targets are 21800/22000
Below 21300 targets are 21100/21900
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