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BankNifty Weekly Analysis - For Week Starting Jun-29, 2020

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
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