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BankNifty Update For Jun-11, 2020

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.
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