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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. VIX: 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

On Jun-26, Banknifty traded in a range of 21800-21300. The daily chart shows the possibility of formation of a wedge structure. The bearish divergence on the MACD histogram reinforces this wedge possibility. So we need to be cautious on the upside. The top made on 24-Jun was exactly 60 trading days (and 92 calendar days) from low made on Mar-24. It suggests a trend change possibility with Jun-24 as a top. The Low made on Mar-24 was exactly 60 trading days from Top made on Dec-30, 2019. The Hourly chart shows a bearish MA crossover. The banknifty is now consolidating in the range after crossover. This increases the possibility of down move or further consolidation in the range of 21800-21300 before any big upmove. Gann Box: The daily gann Box shows a strong resistance zone @ 22000-22200 and support @ 20700-20400. FNO Data: Future OI reduced by 6% suggesting short covering, but a huge discount in the spot to future price (130 points) suggests bearish sentiments. Trade Plan: Above 21800 t

Banknifty formed Doji candle on Weekly chart after making a top @ 22479 on Jun-24. Forming Doji candles near resistance creates a possibility of a trend reversal. Resistance is coming from the zone of moving averages (30EMA-21800 and 20-SMA-21126) and upper channel line. Also, 13-weeks completed from the low of Mar, indicating the possibility of a trend change. Or it may consolidate between 21800-21000, before any directional move. We need to watch whether top made on Jun-24 remains protected. Gann Box: Weekly Gann Box shows we are near 1/4th time zone (Last week was @ 1/4th point), suggesting the possibility of a trend change. Low of Mar was exactly @ 1/8th point. VIX: The weekly chart shows RSI@ support. So likely upmove in VIX. In that case, we may see a fall in Banknifty. Trade Plan: Swing Trade Above 21800 targets are 22500/22800/23300/23700 Below 21100 targets are 20400/19700

Banknifty consolidated for a few hours with a bullish bias. The hourly chart shows all first 3 candles though of Doji pattern closed above 21800. Then it started moving up and last hours it gave explosive move to make a new high breaking Apr-30 high. High made today @ 22322 and closed @ 22264. So above 21800, we achieved all our intraday targets and now very near to the 3rd swing target of 22500. Look at how MACD histogram (line plotted) took support @ the "0" level and the MACD level bounced from the MACD signal before giving big impulsive move. The daily chart showing Banknifty above the Upper Bollinger band. The possibility of bullish move continuation very likely. The daily chart shows trendline (RED) resistance @ 22900. Weekly chart resistance @ 22800 (We discussed this chart in Update for Jun-17 post) Gann Box: Gann Box showing next resistance levels @ 22550-650 (Weekly chart) and 22950-23000 (Daily chart) Trade Plan: We may get tomorrow our 3rd Swing target of 22500 In

Banknifty 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 important 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

Banknifty moved up today as expected as per the post on Jun-16 (Update for Jun-17). It almost achieved our first swing target of 21100 (Today's top is 21028). The daily chart shows Banknifty took good support at MAs and RSI also reversed from 50 levels (Jun-15 close). So further upmove is very likely. The hourly chart shows a bullish MA crossover (30-EMA and 40-MA). Banknifty crossed resistance of trendline. Also, MACD crossed the "0" level indicating a bullish move. FNO data: Future OI is increased by 12.64% indicating long build-up. The spot to future discount is still high @ 44 (reduced from 54). India VIX Gann Box: VIX is facing resistance at a major angle and today was time factor day. So it cooled off. VIX may provide us guidance on further direction of Markets. Trade Plan:  Intraday Above 21100 targets are 21500/21800 Below 20700 targets are 20550/20400 Swing Trade:  Above 21100 targets are 21800/22500/23300 Below 20400 targets are 19700

Today's move was very volatile. Banknifty opened the Huge gap up, almost 600 points, and made top @ 20638. But could not sustain and fall 1000 points making low @ 19507. It made Double Bottom Pattern on the daily chart and 19500 is a good support zone as Daily MAs are providing support.  The daily chart shows bullish MA crossover on Jun-1 (30 EMA-50 MA, which works well for Banknifty Daily time frame). Now Banknifty again came to MAs (what is called Mean Reversion)  It looks like a wave is completed at today's low that started from the top of 21800 levels. I expect a good upmove in the next few days provided support of 19500 remains intact. Weekly opening @ 20457 i.e. @ Banknifty Gann Degree Number zone - 20400 and Double Bottom Pattern, suggests bullish move. Targets are 21100/21800/22500/23300. The Weekly MACD gave bullish crossover last week. The weekly chart shows the possibility of Banknifty moving to 22800 where 300-EMA resistance lies and 23700 where 30-EMA lies. If you

As expected today's expiry was fiery one! Once Banknifty broke 21100, it achieved our target of 20700, making a low of 20525. Yesterday's RSI level of 60 and a inside bar was one of the clues for such a move possibility. Also, VIX constantly suggesting down bias as there is no fall in VIX with upmove and rather we see an increase in its value. There is a strong possibility of reversal of the trend and we may see a sharp down move in the coming days/weeks. This confirmation will happen only when Banknifty breaks 20300 levels. The daily chart shows Banknifty still holding 20400-300 zone. If it opens the gap down below 20300 then we may get a good down move towards 20000/19700/19500/19000. The hourly chart showing MACD crossing zero which is a strong bearish signal.  Bearish MA crossover worked well. Below 20300, supports are 20100/19700/20450/19000. F & O Data: Banknifty spot to future discount is 16 (changed from a premium of 19 yesterday, change of -35 points). OI spurts da

Banknifty moved in a fashion that was expected for Wednesday. The entire day was a premium eating show except for the last 1 hour, which gave sharp upmove. Banknifty closed exactly on Gann Number 21100. The daily chart shows Inside Day candle formation, The RSI @ 60. This is an indication of a possible big move tomorrow in any direction. The hourly chart shows Banknifty consolidated today around MAs and closing above MAs. But bearish crossover is still there. So banknifty may move within range (21800-20400).  F & O Data:  The spot to the future discount of 47 now changed to a premium of 19. No conclusion as very less OI addition. Trade Plan: If Banknifty opens flat and remains above 21100 then upside targets are 21450/500 and 21800. Below 21100 targets are 20700/20400/300 and 20100. Due to expiry, we may see very volatile moves.

Banknifty opened mild Gap up but could not sustain and came down sharply to 21000 levels (20983). But again gave sharp upmove towards our first resistance 21450. So we got a good trade from 21100 to 21450. It faced strong resistance in the 21450-21550 zone. Even though it made good upmove VIX was not showing any sign of cooling down and actually moved up. So it was a clear signal that Banknifty may not cross the resistance zone and may reverse.  Banknifty gave sharp down move making top @ 21568. It was good trade set up below 21400 giving targets 21100 and below 21100, 20850 as mentioned in yesterday's post. The daily chart shows that RSI made the "M" pattern (I discussed this possibility in yesterday's post) and gave us good downside trade. Daily chart shows, Banknifty facing strong resistance in 21500-600 zone and unable to hold those levels after crossing it. The hourly chart shows Banknifty crossed moving averages and MA's given bearish crossover. This is 30EM

Banknifty opened Big gap up @ 21636 and immediately hit our major target of 21800 (Top @ 21807). It found strong resistance @ 21800 levels, a Gann Number, and reversed sharply making low @ 20911 almost 900 points down move from the top. It closed @ 21187. So it still hold 21100 levels. For the last 2 days, it was pure Gann Number Play from 20400-21100-21800 and back to 21100. As I mentioned in yesterday's post, the VIX chart was suggesting a high probability of upmove in VIX value (Double bottom and time factor). So after Gap up and 700-800 up move VIX started increasing instead of falling, it was a clear signal for a down move. Also, Jun-6 was Gann Date and we saw its effect in today's move. Now, What Next? The following observations will help us to plan our trade for tomorrow. On a daily chart, RSI shows the possibility of an "M" pattern (Jun-3 and today's RSI are exactly 61 levels-61.32). That suggests the possibility of a down move. On the hourly chart, MACD i

Banknifty took the support of Gann Degree Number 20400 zone and we saw reversal towards Gann Number 21100 making top @ 21199 but closed below 21100, @ 21035. If Banknifty sustains above 21100 then we can see a move towards 21500/21800 and higher levels of 22500. Breaking below 20400, it may go down to 19700/19000 levels. On the Hourly chart, Banknifty took support @30-EMA that coincided with the 20400 zones. So on hourly chart supports are @20400 followed by 20100. Resistance @ 21450. On Daily Gann Box, Banknifty took resistance of angle. So for upmove, it needs to break the angle level. So it needs to break 21100. The next resistance is @ 21220. So 21100-21220 may act as strong resistance. Banknifty reversed from Weekly Angle. On Daily Vix Gann Box, Time Factor suggests a directional move (reversal/continuation). Also, it formed Double Bottom.   To summarise, above 21100 targets are 21220/21450/ 21800. Below 21000 targets are 20400/20100/19700

After making Gap up opening and sharp upmove towards our target of 21300, Banknifty moved much higher to 21619 but reversed very sharply in last hour closing @ 20940.  As I mentioned in yesterday's post Jun-3/Jun-4 are very important dates. If we take a look at today's candle it very much resembles the reversal candle made on Apr-30. It reversed from the resistance zone of  Mar-27 and Apr-30 tops. It also shows the possibility of the H&S pattern if Apr-30 high is not taken out. Tomorrow's session is important (Jun-4) can set the tone for the next move. Observe the BIG Divergence in the MACD-Histogram line indicator on the hourly chart. It has more importance as Banknifty reversed from the resistance zone. Gann Box Daily chart showing reversal from resistance and bearish Doji candle Weekly Gann Angles: Resistance at Weekly angles and reversal. India VIX Daily Gann Box time cycle date is Jun-4 So most of the setups are showing reversal from the resistance zone and hence

Banknifty crossed the first hurdle of 20400 and closed above it. 20400 is a very important number for Banknifty as it is a 3-digit Gann Degree Number for Banknifty. The price structure on the Daily chart is looking Very Bullish. Price is at the upper Bollinger band that looks like expanding. But more important is Time calculations suggesting a sharp move in the coming 2 days. Time Calculations: Based on Trading Days From low made on Mar-24 to Top made on Apr-30 = 23 From Apr-30 to Jun-04 = 23 From Apr-30 Top to May-12 Low = 7 From May-8 Top to May-22 Low = 7 From Low of 22 to Jun-03 = 7 So Jun-3/Jun-4 are important days. India VIX: Time calculations based on Gann Box for India VIX (Daily chart) is also suggesting Jun-03/Jun-04 as important days as sharp moves in VIX (either side) likely. Observe move around previous vertical timelines. Daily/Weekly Gann Box shows price broke the resistance of angles and we may see good upmove. To summarise, if Banknifty sustains above 20400 we may s