Is Nifty heading towards new ATH – Nifty Analysis 12.2.2020

Nifty 5 Min Intraday Chart 12.2.2020
Nifty 5 Min Intraday Chart 12.2.2020

Open 12151 High 12231 Low 12144 Close 12201

Nifty is back above 12200 levels. 

Nifty opened with a big gap up of 43 points at 12151 levels and touched a low of 12144 on the first 5 minute candle which also turned out to be the lowest point of the day. Nifty managed to sustain at gap up levels and moved higher in the morning session.

Nifty rose another 81 points from opening levels to touch a day high level of 12231 at around 10.30 am. The index could not move any further and consolidated between 12220-12190 levels for the rest of the day.  

Nifty closed the day at 12201 up 94 points or 0.77 percent.  

Nifty is clearly in an uptrend. 12100-12150 is a crucial support level for the index. Nifty will face heavy resistance at 12300-12400 levels. A buy on dips strategy can be fruitful rather than aggressive shorting at higher levels.  

Market Breadth Nifty

Advances 33 Declines 16 Unchanged 1 

Highest gainer among Nifty 50 index was Hind Uniliver up 5.08 percent and and biggest loser was Yes Bank down 4.48 percent.  

FNO Data Analysis

Nifty February Futures are trading at a premium of 25 points.

For February 12 expiry

Highest open interest Call side is at 12300 ce around 25.14 lakh shares

Highest open interest Put side is at 12100 pe around 26.48 lakh shares

Huge amount of put writing at 12200 pe means 12200 will act as strong support level for Nifty.

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