Open 31248 High 31248 Low 30957 Close 31058
Banknifty is facing stiff resistance at 31300 levels !
Banknifty opened with a gap up of 47 points at 31248 levels and touched a day high level of 31248 on the first five minute candle.
Banknifty faced heavy selling pressure at 31250 levels and fell 292 points from 31248 levels to touch a day low level of 30957 at around 10.40 am. Banknifty consolidated between 30975 – 31100 levels for the rest of the day.
Banknifty closed the day on a positive note at 31058 down 143 points or 0.46 percent.
Banknifty is round bound. 30500-31500 is the small range for Banknifty currently. A big move will come only when this range is broken.
Market Breadth Banknifty
Advances 1 Declines 11
Highest gainer among Nifty 50 index was Kotak Bank up 1.21 percent and and biggest loser was Yes Bank down 2.97 percent.
FNO Data Analysis
Banknifty February Futures are trading at a premium of 74 points.
For February 12 expiry
Highest open interest Call side is at 31500 ce around 6.30 lakh shares
Highest open interest Put side is at 31000 pe around 5.36 lakh shares
Huge amount of put writing at 31400 ce means 31400 will act as strong resistance level for Banknifty.