BANKNIFTY [23rd July 2020]

The DIIs are using every new high in the market to offload their positions while the FIIs seem to keep the market buoyant by buying at lower levels. Interesting to note that 22700 was used as a pivot point at the day’s lows quite frequently when the market ultimately took support there and retraced back 200 points in the last half hour indicating a strong accumulation zone around 22700-22500 zone. Further, Banknifty Future has bottomed out and given a positive crossover and there is a divergence in Stochastics lows on the spot chart, pointing towards a north-bound journey tomorrow.

On the upside, resistances lie at 23000-23080. Any signs of weakness at these levels can be taken as a signal to go short for 22700. Below 22700, the market can correct up to 22400. If the market holds comfortably above 23100, one can look to go long for 23560.

On the downside, the market might once again use the opportunities to buy at 22700-22500-22400 levels for 23000. In case 22400 is breached decisively, the index should find support at 22040.

The expiry range for tomorrow should remain between 22500-23500.
Trade closed: target reached: * For some reason I am unable to make a fresh post, so writing here *


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