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BankNifty Update for Jun-8, 2020

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

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