Skip to main content

BankNifty Update For Jul-02,2020

Banknifty gave breakout on the upside of the triangle pattern and made good upmove achieving our last target of 22000, making top @ 22061.

The daily chart shows Banknifty is forming a wedge and prices are contracting. The upper line of the wedge is in the range of 22800-900. It would be also interesting to see whether Banknifty takes out Jun-24 top of 21479.
The hourly chart gave a bullish MA crossover. Bullish crossover after bearish crossover suggests the rangebound possibility. The range maybe 21300-22300.

Gann Box:

The daily Gann Box shows resistance @ 22200-22300/22500. On the weekly chart, 22550/22800 is strong resistance.

Opened on an angle on Monthly Gann Box. Suggesting the possibility of good upmove(already 700 points move today). Next resistance @22950.

FNO Data:

The future OI increased by  7.7% with an increase in price suggesting long buildup. Also, the spot to future discount reduced substantially from 156 to 47, suggesting bullish sentiment in the short term.

Trade Plan:

Above 22100 targets are 22300/22500/22800
Below 21800 targets are 21600/21500/21300

Labels:

Comments

Post a Comment

Popular posts from this blog

Intraday Index Options Trading by Degree Gann Number System ! E-book available on Amazon - Download FREE!

  For the next 3-days, E-book is available FREE for download! Take advantage of this promotion. Requesting to write a review on amazon. Download link:- https:// amazon.in/dp/B09DHFS5KJ
Post a Comment
Read more

Nifty Time Cycles

The following chart shows various time cycles on Nifty. What Happened? In 2019, Gann 90 year cycle completed. This cycle comes from 1839 depression followed by 1929 depression. In Feb-2020, 20-year cycle completed from Feb 2000 Top In Jan-2020, 144-month cycle completed from Top made in Jan-2008 before the 2008 financial crisis In Dec-2019, 3-year cycle completed from Low made in Dec-2016 post Demonetisation So we saw a big fall as major cycles came together. What next for Nifty? In Oct-2020, 144-month cycle from Low made in Oct-2008 during the 2008 financial crisis, will complete In Nov-2020, 10-year cycle from Top made in Nov-2010 will complete In Dec-2020, 288-month cycle from Low made in Dec-1996 will complete In Feb-2020, 60-month cycle from Low made in Feb-2016 will complete In Feb-2020, 13-month cycle (it is observed Nifty makes Bottom from Top in 11-13 months) from Top made in Jan-2020 will complete In Sep-2021, 20-year cycle from Low made in Sep-200...
Post a Comment
Read more

VIX Analysis

The daily VIX chart shows the formation of Doji candles at the bottom and reversal. The daily RSI crossed the previous resistance level of 40. The MACD signal gave bullish crossover suggesting bullish move in VIX. So the daily chart shows the possibility of VIX moving towards 28 levels in the coming days. The weekly chart shows the formation of wedge and reversal from the bottom. VIX may move towards the upper wedge line @ 29-30. So VIX suggesting the bearish mood of the market and hence the high possibility of fall in Nifty-50 and Banknifty in the coming days/weeks. VIX Gann Box: The daily Gann Box shows a reversal from the mid-zone of time factor points. The next time factor date is Jul-21. So will VIX continue to move high till Jul-21 or it will reverse from angle point? Wait and watch. Using VIX to spot Intraday Reversal on Indices: VIX is a very useful indicator to spot reversal during day trade. If the price of an index moves up and @ resistance zone watch values of VIX. If VIX s...
Post a Comment
Read more