Banknifty Analysis 13.2.2020

Banknifty 5 Min Intraday Chart 13.2.2020
Banknifty 5 Min Intraday Chart 13.2.2020

Open 31586 High 31649 Low 31180 Close 31230

Banknifty is facing heavy resistance at 31500 levels. 

Banknifty opened with a gap up of 94 points at 31586 levels and touched a high of 31649 on the first 5 minute candle which also turned out to be the highest point of the day. Banknifty could not sustain at 31600 levels and fell 304 points from opening levels amid high selling pressure to touch a day low levels of 31280 at around 10.25 am.

The index gave a small pullback towards 31348 levels but could not move any higher and fell another166 points to touched a new day low level of 31180 just before the closing bell.

The index closed the day at 31230 down 262 points or 0.83 percent.  

Banknifty is clearly in an uptrend. 31200-31000 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 2 Declines 9 Unchanged 1  

Highest gainer among Banknifty index was Yes Bank up 6.29 percent and biggest loser was Indusind Bank down 3.57 percent.  

FNO Data Analysis

Banknifty February Futures are trading at a discount of 28 points.

For February 20 expiry

Highest open interest Call side is at 31500 ce around 5.20 lakh shares

Highest open interest Put side is at 31000 pe around 3.30 lakh shares

Huge amount of call writing at 31500 ce means 31500 will act as strong resistance level for Banknifty.

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