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BankNifty Update For May-29, 2020

Yesterday's post I mentioned, that for upmove to continue Banknifty will have to sustain above 19000. It did hold 19000 and done target of 19300 and move more up towards the 50-MA zone near 19500 (Today's top was 19455). It came down towards 19000 but hold this level and eventually closed @19170.
 
So the probability of upmove towards next Gann Number19700 and Banknifty Gann Degree Number 20400 is quite high. Any move below 19000 can take it towards 18300 and maybe 17600.

The Daily chart shows the price at the resistance zone of multiple MAs (50-MA/30-EMA/20-MA). Move above 19500 may take it to 20400/ 21100 (Upper end of Bollinger Band). Daily RSI @ 50 zones (50.39), the possibility of a good move (either side) is high.

The hourly chart shows price took support @ channel upper line which is also 19000 Gann Number support zone. 

FNO Data:

Yesterday there was high discount in Banknifty May expiry futures to spot price, but Banknifty still closed much higher than yesterday's close. Banknifty June expiry future is at 140 points discount to spot. It suggests bearish move possibility in the coming days.
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