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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Bullish Stocks to watch for Week Jul-13-17, 2020

PVR: CMP - 1047.10 Above 1070 Target 1140/1240/1300/1320 SL: 1005 NIITTECH: CMP - 1592.90 Above 1620 Targets are 1750/1770 SL: 1560 MCDOWELL-N: CMP - 636.10 It achieved all targets give in the last week. It looks to continue its bullish momentum. Above 643 Targets are 660/670 SL: 630 JINDALSTEL: CMP - 169.15 Above 171 Targets are 178/182/190 SL: 165 This is only for educational purposes. I am not advising any trades.

Bank Nifty EOD Update Mar 14

As expected Bank Nifty opened major Gap Up of 462 points at 20189 and made high of 21274 and then retraced to make day low of 21059 and closed at 21102. Daily chart shows, Bank Nifty broke the upper line of blue channel within which it was moving for last 3 weeks. Bank Nifty closed above 21100 that is 3 digit Gann no, hence bullish for Bank Nifty. As long as it close above 21100 on daily closing basis view is bullish on Bank Nifty for target of 21800/22500 in coming days. Angles on Hourly chart shows Bank Nifty reversed from 26.5 degree angle and find support at 18.75 degree and bounced back. Tomorrow Bank Nifty may move in narrow range and protect today's Top/Bottom awaiting Fed rate decision and may react in Thursday morning to news!

MoneyNaad

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