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BankNifty Update for Jul-08,2020

Banknifty gave excellent trade today. It corrected on the downside in the initial hour and consolidated for the next 2 hours before it gave sharp upmove and completed our targets of 22450/22550 and almost done 22700 (top made today was 22674).

Today it broke Jun-24 top of 22479. Now it would be interesting to watch whether today's top will be broken and upmove continues or we get a reversal from here. 

The Daily chart shows RSI @ resistance. The upper line of the wedge is @ 23000-23050, which may act as very strong resistance. MACD is still not showing strong momentum. We need to be cautious at higher levels from here.
Even the Weekly chart shows Banknifty @ strong resistance zone.

FNO Data:

The future OI increased by 9.7% with an increase in price suggesting a long buildup.

Trade Plan:

Above 22700 targets are 22900/23000
Below 22500 targets are 22350/22200/22000
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