Pre-Market analysis: BankNifty Future – 1st July 2020

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The value area are in Banknifty is formed higher even though sellers dominated throughout yesterday. Sellers were unable to push prices below PDL and test the poor low. There was a positive movement in last 1 hour on banknifty from the value area and this needs follow through for bulls (which means Prices should quickly move above the value area to make a case for buyers or else it will likely for Below PDL and retest the poor lows.
Trade ideas: 1) long trade if opens above PDH and OTD up at PDH or breaks PDH with open-low (in both cases weak high is a level to watch and acceptance above weak high can take prices to virgin POC.
2) Long trade if prices are rejected below poor low, in this case rejection should be strong and with good volume.
3) short trade, if prices get accepted below poor low – breakdown (this would be a trade according to higher time-frame , so no targets and only trail.
Banknifty is expected to open below value area, so I will look out for trade plan 2 or 3 (personally i prefer to trade Nifty more than Banknifty)

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