Banknifty Analysis 12.2.2020

Banknifty 5 Min Intraday Chart 12.2.2020
Banknifty 5 Min Intraday Chart 12.2.2020

Open 31411 High 31588 Low 31398 Close 12107

Banknifty is facing stiff resistance at 31600 levels. 

Banknifty opened with a big gap up of 141 points at 31411 levels and touched a low of 31398 on the first 5 minute candle which also turned out to be the lowest point of the day. Banknifty managed to sustain at gap up levels and moved higher in the morning session.

Banknifty rose another 111 points from opening levels to touch a day high level of 31588 at around 10.30 am. Banknifty could not cross 31600 levels and consolidated between 31550-31450 levels for the rest of the day.     

Banknifty is clearly in an uptrend. 31400-31300 is a crucial support level for the index. Banknifty will face heavy resistance at 31800-32000 levels. A buy on dips strategy can be fruitful rather than aggressive shorting at higher levels.  

Market Breadth Banknifty

Advances 5 Declines 7 

Highest gainer among Banknifty index was Kotak Bank up 2.15 percent and and biggest loser was Yes Bank down 4.48 percent.  

FNO Data Analysis

Banknifty February Futures are trading at a premium of 71 points.

For February 12 expiry

Highest open interest Call side is at 31500 ce around 7.78 lakh shares

Highest open interest Put side is at 31000 pe around 8.1 lakh shares

Huge amount of put writing at 31500 pe means 31500 will act as strong support level for Banknifty.

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