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
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