Nifty is back above 12100 levels – Nifty Analysis 11.2.20

Nifty 5 Min Intraday Chart 11.2.2020
Nifty 5 Min Intraday Chart 11.2.2020

Open 12108 High 12172 Low 12099 Close 12107

Nifty is facing stiff resistance at 12100 levels ! 

Nifty opened with a big gap up of 77 points at 12108 levels. Nifty managed to sustain at gap up levels and moved higher in the morning session.

Nifty rose another 63 points from opening levels to touch a day high level of 12172 at around 10 am. The index faced heavy resistance at 12175 levels and fell 57 points from day high levels to trade around 12.15 am.

The index tried to move up in the late afternoon session but could not move past 12150 levels. The index fell 50 points from 12150 levels to touch a day low level of 12099 just before the closing bell. The index closed the day at 12107 up 76 points or 0.63 percent.    

Nifty is round bound. 11900-12200 is the small range for Nifty currently. A big move will come only when this range is broken.  

Market Breadth Nifty

Advances 39 Declines 11 

Highest gainer among Nifty 50 index was Gail up 5.91 percent and and biggest loser was Yes Bank down 2 percent.  

FNO Data Analysis

Nifty February Futures are trading at a premium of 21 points.

For February 12 expiry

Highest open interest Call side is at 12200 ce around 26.63 lakh shares

Highest open interest Put side is at 12000 pe around 25.45 lakh shares

Huge amount of put writing at 12100 pe means 12100 will act as strong support level for Nifty.

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