BANKNIFTY [13th July 2020]

The market observed a relentless rally towards 23100 in the past week despite negative news all around. However, a massive supply zone was observed at around 23000 levels, this being the second supply zone after 22400. Momentum is dying out slowly and Stochastics has more ground to go before bottoming out. There are still ample chances of the market resuming its journey upwards after certain levels as discussed below.

On the upside, any weakness seen at 22500-22650-23000 levels should be used as a shorting opportunity for levels of 22400-21650-20800 (please keep your targets using these levels as an approximation).

However, a divergence between the lows of Price and Stochastics gives the market a good opportunity to spike up with volume in the first half itself. In case the market manages to breach and sustain beyond 23000, the index will resume its upmove to 23500 and ultimately 24350 (50% fib retracecment from the low of March to all time high).
Trade closed: target reached: 22400 breached. Might find support at 22000


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