banknifty is trading in a parallel channel with upper resistance at 20975 and support near the lower channel 20145.A close above 20975 can see further upside and a close below 20145 will see the market testing back the day's low in near term.For intraday this zone can be traded for returns on both sides.
banknifty is near its support of 20145 a closing below this will help the bears in filling down the lower gap of 19250.If it takes a support at that level then we can see a rebounce and it might test the upper trendline resistance.
NOW AS WE HAD MENTIONED IN THE PREVIOUS CHART 19500 ZONE WOULD BE A TOUGH RESISTANCE AND TO BREAK THAT A GOOD GAPUP HAS HAPPENENED.INTRADAY LONGS CAN BE INITIATED ONLY ABOVE 20250 FOR A TARGET OF 20875/21125.THIS TYPE OF GAP UPS ARE REALLY BECOMING A PUZZLE TO SOLVE AS ALREADY WE HAD WITNESSED TWO ISLAND REVERSALS IN PAST BECAUSE OF SUCH GAPUPS.
banknifty has cleared its first resistance near 17825 and with good volume,next big resistance lies near 19045/19540.19540 will act as a very good trendline resistance closing above this level will lead to 20150/21100.
