Banknifty Analysis 14.2.2020

Banknifty 5 Min Intraday Chart 14.2.2020
Banknifty 5 Min Intraday Chart 14.2.2020

Open 31281 High 31436 Low 30776 Close 30834

Banknifty is facing stiff resistance at 31500 levels.  

Banknifty opened with a gap up of 51 points at 31281 levels and touched a high of 31436 at on the fourth 5 minute candle which also turned out to be the highest point of the day. Banknifty could not sustain at 31400 levels and fell 656 point from opening levels amid high selling pressure to touch a day low levels of 30776 at around 10.55 pm. This fall was mainly due to the Supreme court ruling on AGR dues of telecom companies. 

The index gave a pullback towards 31100 levels but could not move any further.Banknifty fell 310 points from 31100 levels to trade around 31800 levels before the closing bell.

Banknifty closed the day at 30834 down 396 points or 1.27 percent.  

Banknifty is trading in a 1000 point range 30500-31500. A big move will come only when this range is broken. 

Market Breadth Banknifty

Advances 2 Declines 10  

Highest gainer among Banknifty index was Yes Bank up 5.38 percent and biggest loser was IndusInd Bank down 3.72 percent.  

FNO Data Analysis

Banknifty February Futures are trading at a premium of 65 points.

For February 12 expiry

Highest open interest Call side is at 31500 ce around 9.63 lakh shares

Highest open interest Put side is at 31000 pe around 3.17 lakh shares

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

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