Banknifty Analysis 7.2.2020

Banknifty 5 Min Intraday Chart 7.2.2020
Banknifty 5 Min Intraday Chart 7.2.2020

Open 31367 High 31368 Low 31111 Close 31201

Banknifty is facing stiff resistance at 31400 levels ! 

Banknifty opened with a gap up of 63 points at 31367 levels and touched a day high level of 31368 on the first five minute candle. 

Banknifty faced heavy selling pressure at 31368 levels and fell 255 points from 31368 to touch a day low level of 31111 at around 11.30 pm. Banknifty consolidated between 31145 – 31260 levels for the rest of the day.  

Banknifty closed the day at 31201 down 39 points or 0.33 percent.

Banknifty is clearly in an uptrend. A buy on dips strategy may be profitable.31200-31000 is a crucial support level. 31500-31700 is a stiff resistance level for Banknifty. 

Market Breadth Banknifty

Advances 6 Declines 6 

Highest gainer among Banknifty index was RBL Bank up 2.2 percent and biggest loser was Indusind Bank down 2.7 percent. 

FNO Data Analysis

Banknifty February Futures are trading at a discount of 27 points.

For February 12 expiry

Highest open interest Call side is at 32000 ce around 4.68 lakh shares

Highest open interest Put side is at 31000 pe around 4.95 lakh shares

Huge amount of put writing at 32000 ce means 32000 will act as strong resistance level for Banknifty.

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