BANKNIFTY [14th July 2020]

The index corrected over 600 points from the day's high, courtesy DII selling, although it failed to breach 22000. Stochastics is at an oversold zone and there is a fair chance for the index to open with a gap up tomorrow, following global cues, and consolidate to erode options' premiums.

On the upside, the index might try to test 22400-22500-22650. They can be used as entry points for intraday shorts.

On the downside, the index will go for 21800 if it successfully breaches 22040 again. If 22000 is being held, one can buy for levels given above.

The expiry range remains between 21500 and 23000 as of now.

*Note: Please use the given levels as approximation.

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