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In the update for Jul-02 post, I mentioned "The hourly chart gave a bullish MA crossover. Bullish crossover after bearish crossover suggests the rangebound possibility. The range maybe 21300-22300."

VIX:

FNO Data:

Trade Plan:

BATAINDIA: (CMP: 1298) Bullish

ONGC:  (CMP: 82.40) Bullish

DIVISLAB:  (CMP: 2190) Bearish

Banknifty opened Gap up 400+ points, and then there was not much of trading opportunity as it was rangebound throughout the day. There is still a possibility of upmove towards 22500/22700, but the daily chart is showing a lack of momentum.

It is interesting to observe that Banknifty did not break the top made on Jun-24 @ 22479 though Nifty-50 made a new top. So there is a divergence in Nifty and Banknifty. It is a sign of weakness unless Banknifty catches with Nifty.

Jul-07 is the Gann date (minor time cycle). It will be interesting to watch whether it breaks Jun-24 high and reverse or continue upmove.

FNO Data:

Trade Plan:

Hindalco:(CMP - 154.35) Bullish

VOLTAS: (CMP - 566.50) Bullish

TITAN:(CMP - 1014.20) Bullish

Banknifty gave breakout on the upside of the triangle pattern and made good upmove achieving our last target of 22000, making top @ 22061.

Gann Box:

FNO Data:

Trade Plan:

Banknifty opened 150+ points gap up @ 22133, reached our 1st target of 22300. It made top @ 22344 but could not sustain and sharply came down to 21900 levels. After that, it was typical expiry day rangebound move between 21900 and 22250.

FNO Data:

Trade Plan:

The observation on Monthly Banknifty chart:

Gann Monthly Angle Chart:

Gann Box:

VIX :

Banknifty reversed exactly from the resistance zone of 21600-650 as I mentioned in the last post. It made top @ 21606 near hourly 40-SMA and reversed back making a low of 21212 and closing @21370.

FNO Data:

Trade Plan:

Banknifty formed Doji candle on Weekly chart after making a top @ 22479 on Jun-24. Forming Doji candles near resistance creates a possibility of a trend reversal. Resistance is coming from the zone of moving averages (30EMA-21800 and 20-SMA-21126) and upper channel line.

Also, 13-weeks completed from the low of Mar, indicating the possibility of a trend change. Or it may consolidate between 21800-21000, before any directional move. We need to watch whether top made on Jun-24 remains protected.

Gann Box:

VIX:

Trade Plan: Swing Trade

On Jun-26, Banknifty traded in a range of 21800-21300. The daily chart shows the possibility of the formation of a wedge structure. The bearish divergence on the MACD histogram reinforces this wedge possibility. So we need to be cautious on the upside.

The Hourly chart shows a bearish MA crossover. The bank nifty is now consolidating in the range after crossover. It increases the possibility of down move or further consolidation in the range of 21800-21300 before any big upmove.

Gann Box:

The daily gann Box shows a strong resistance zone @ 22000-22200 and support @ 20700-20400.

 

FNO Data:

Future OI reduced by 6% suggesting short covering, but a considerable discount in the spot to future price (130 points) indicates bearish sentiments.

 

Trade Plan:

Above 21800 targets are 22000/22200

Below 21300 targets are 20950/20700