Open 22441 High 22544 Low 20267 Close 20580
As coronavirus cases are surging across the world and businesses are shutting down as a precaution measure Global as well as Indian markets are bleeding. Banknifty has broken the circuit day lows. Markets may not recover or stabilise unless there is a cure for Coronavirus.
Banknifty opened with a gap up of 256 points at 22441 levels and touched a day high level of 22544 on the first 5 minute candle. Banknifty faced intense selling pressure throughout the day and trended downwards throughout the day.
Todays fall in Banknifty was due to fall in index heavyweights like HDFC Bank. Banknifty fell 2109 points from opening levels and touched a day low levels of 20267 at around 12.40 pm. There was no major pullback in this down move. The down move was so strong and so one sided that price never crossed above 20 ema on a 5 minute timeframe.
Banknifty recovered 652 points from day low levels in the late afternoon session last 20 minutes of the trading session. Banknifty closed the day at 20580 down 1575 points or 7.11 percent.
Market Breadth Banknifty
Advances 4 Declines 8
The biggest loser among Banknifty index was IndusInd Bank down 9.2 percent and highest gainer was PNB up 6.52 percent.
FNO Data Analysis
Banknifty March Futures are trading at a discount of 69 points.
For March 19 expiry
Highest open interest Call side is at 23000 ce around 4.98 lakh shares
Highest open interest Put side is at 21000 pe around 2.23 lakh shares
Huge amount of call writing at 23000 ce means 23000 will act as strong resistance level for Banknifty