BANKNIFTY [17th July 2020]

The expiry was rangebound but held 21000-21150 decisively, closing the day back within the trend channel. A strong buy by DIIs, a weakening Dollar, a double bottoming out of Stochastics on the hourly chart and maintaining the rising trend channel, all point towards a retracement against the recent fall of roughly 2000 points on the index. So, one can expect a retracement of at least 1000 points from 21100. By that logic, the index should be trading above 22000 in the coming week.

On the upside, the 2 weeks' EMA is placed at around 21800 beyond which a major hurdle lies at 22040. If the index manages to breach 21800 with volume , one can look at going long for a target of 22040 to 22480 ultimately.

On the downside, there are multiple supports within 100 points range which are placed at 21000-20900-20800. In case the trend channel is broken again, with a gap down and a dead cat bounce, the index can correct up to the above levels, and a decisive breach of 20800 would further lead to corrections of up to 20500-20100.

The broader range of next week's expiry should remain between 21000 and 22500.

*Note:- The levels mentioned above should be used as approximation.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out