Open 31230 High 31505 Low 31225 Close 31300
Banknifty is facing stiff resistance at 31500 levels !
Banknifty opened with a big gap up of 172 points at 31230 levels and touched a low of 31225 on the first 5 minute candle. Banknifty managed to sustain at gap up levels and moved higher in the morning session.
Banknifty rose another 270 points from opening levels to touch a day high level of 31505 at around 10 am. The index faced heavy resistance at 31500 levels and fell 207 points from day high levels to trade around 31290 levels.
The index consolidated between 31290-31350 levels for the rest of the day. Banknifty closed the day at 31300 up 242 points or 0.78 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 9 Declines 3
Highest gainer among Banknifty index was RBL Bank up 2.49 percent and and biggest loser was Yes Bank down 2 percent.
FNO Data Analysis
Banknifty February Futures are trading at a premium of 80 points.
For February 12 expiry
Highest open interest Call side is at 31500 ce around 8 lakh shares
Highest open interest Put side is at 31000 pe around 8.53 lakh shares
Huge amount of put writing at 31000 pe means 31000 will act as strong support level for Banknifty.