Analysis for the period 24July 2021-30 August 21
BankNifty Futures Monthly Chart
If we see a monthly close on 30July21 above 36580, it would test 37770 and even rise till 42258 by Aug -Sept21.
It is well supported at levels 32899 – 32905 and 34298 – 34305.
BankNifty Futures Daily Chart CMP 35040.90 as below:
Yesterday, 23 July 2021, could be a day of significant reversal as it made a Lower Low of 34405.50 and much closer to earlier Lower Low of 34440.00.
Lower Lows close to each other is first sign of a bottom. Only thing awaited is a higher open on Monday.
So let’s see the 1Hour Chart of BankNifty Futures as below:
Watch the Horizontal 35112 which is previous Low acting now as Resistance for the last two days.
Expanded view as below:
If the market believes that in the last two days, some good developments in the sector such as ICICI results etc. have occurred then it may Open Higher near to Blue Zone low of 35358.
Above Blue Zone High 35825 could be a run up to 36580 as in Monthly Chart.
July Monthly Close above 36580 is to be watched.