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Banknifty Update for May 19,2020

Banknifty broke Gann No 18300 and moved down quickly to next Gann No 17600, made low at 17514, and then was rangebound throughout the day.

For Banknifty 17500-17200 is a good support zone and it may move in the range of 18000-17200 for this week. If it breaks 17140 (low made on Apr-3 was 17143), then it may sharply move down and may even break the previous low of 16116.


The hourly chart shows a possible Head & Shoulder (H&S) pattern and brake of the neckline.


Gann Angles:
Banknifty opened at Daily 45 degree(1/1) angle and gave an excellent move reaching almost the next angle fan 2/1.


This is the daily angle with a different scale. See how it nicely took support at 45 degree (1/1) angle.


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