Nifty is range bound – Nifty Analysis 14.2.2020

Nifty 5 Min Intraday Chart 14.2.2020
Nifty 5 Min Intraday Chart 14.2.2020

Open 12190 High 12246 Low 12091 Close 12109

Nifty managed to hold support of 12100 levels today. 

Nifty opened with a gap up of 16 points at 12190 levels and touched a high of 12247 at on the fourth 5 minute candle which also turned out to be the highest point of the day. Nifty could not sustain at 12250 levels and fell 148 point from opening levels amid high selling pressure to touch a day low levels of 12100 at around 10.55 pm. This fall was mainly due to the Supreme court ruling on AGR dues of telecom companies.

The index managed to hold support of 12100 levels and gave a pullback towards 12180 levels but could not move any further.Nifty fell 92 points from 12185 levels to touch a new day low level of 12091 just before the closing bell.

Nifty closed the day at 12112 down 62 points or 0.51 percent.  

Nifty is trading in a 300 point range 11900-12200. A big move will come only when this range is broken.

Market Breadth Nifty

Advances 15 Declines 35  

Highest gainer among Nifty 50 index was Yes Bank up 5.38 percent and biggest loser was Gail down 5.49 percent.  

FNO Data Analysis

Nifty February Futures are trading at a premium of 16 points.

For February 12 expiry

Highest open interest Call side is at 12200 ce around 26.01 lakh shares

Highest open interest Put side is at 12000 pe around 14.50 lakh shares

Huge amount of call writing at 12200 ce means 12200 will act as strong resistance level for Nifty.

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