BANKNIFTY [22nd July 2020]

The index remained above 22500 comfortably throughout the day before ending it at 22800, aided by volume-based buying by FIIs in both Cash and Index Futures . The week had started, and taken good support, at 22400 (38.2%) and is likely to move towards 24350 (50%), negating all bearish opportunities on the way. 23100 should act as a pivot for the index tomorrow.

On the upside, the index could test 23100, beyond which it could move directly to 23600.

On the downside, if the index fails to breach and sustain above its recent high of 23080, it might correct back to 22400.

The expiry range should remain between 22000 – 23000.

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