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BANKNIFTY [4th August 2020]

NSE:BANKNIFTY   NIFTY BANK
The index fell, rather gracefully, to 21000 (almost) as expected but managed to close above 21120 (prior support) after touching 21030, which has been tested earlier on two other occasions. However, there was some serious buying by FIIs today in Cash and Stochastics has given a positive crossover too after bottoming out and closing above 21100 in the last half hour. Given that SGX is 40-50 points up at the time of writing this, there is a fair possibility of the index to pull up a little tomorrow. The over all trend remains bearish still though.

On the upside, the index might test 21250-21400 where any sign of weakness should be taken as a signal to go short. Beyond 21450 the market might test 21600.

On the downside, the index might find support at 20900 ( 38.2% retracement from recent high) and one can look at going long for the above mentioned levels. However, if the market fails to take support at 20900, it will correct to 20500-20300-20000.

Expecting this week's expiry to be between 21500 & 20500.

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