Banknifty Analysis 24.3.2020

Banknifty 5 Min Intraday Chart 24.3.2020
Banknifty 5 Min Intraday Chart 24.3.2020

Open 17705 High 17841 Low 16116 Close 17107

Banknifty opened with a huge huge gap up of 788 points at 17705 levels and made a high of 17841 on the first 5 minute candle .Banknifty could not sustain at such high gap up levels and fell 1723 points from opening high levels to touch a day low level of 16116 at around 10.25 am.

Thankfully Banknifty took support at 16100 levels and trended upwards for the rest of the day. Banknifty rallied 1541 points from day low levels to trade around 17626 levels at around 1.45 pm.

Banknifty faced heavy resistance at 17600 levels and fell 749 points during FM press conference.

Banknifty closed the day at 17107 up 190 points or 1.12 percent.

Market Breadth Banknifty

Advances 8 Declines 4

The biggest loser among Banknifty index was Indusind Bank down 6.79 percentĀ  and highest gainer was Rbl Bank up 9 percent.

FNO Data Analysis

Banknifty March Futures are trading at a premium of 106 points.

For March 26 expiry

Highest open interest Call side is at 25000 ce around 3.31 lakh shares

Highest open interest Put side is at 14000 pe around 2.19 lakh shares

Huge amount of put writing at 14000 pe means 14000 will act as strong support level for Banknifty

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