Open 16759 High 18740 Low 16635 Close 18481
Banknifty opened with a gap down of 348 points at 16759 levels and made a high of 17292 on the second 5 minute candle .Banknifty faced stiff resistance at 17300 levels and fell 639 points in the early morning session to touch a day low level of 16635 at around 9.50 am.
Banknifty took support at crucial support levels of 16600 and trended upwards for the rest of the day. Banknifty with the help of index heavyweights (HDFC Bank, Kotak Bank, ICICI Bank, Axis Bank) rallied 2092 points from day low levels to touch a day high level of 18740 at around 1.25 pm.
Banknifty fell 579 points from day high levels in the late afternoon session.
Banknifty closed the day at 18481 up 1373 points or 8.03 percent.
Banknifty is highly volatile these days. Trading these kinds of volatile markets is very difficult. Banknifty is not breaching the recent low levels of 16100 levels the level of 16100 can be treated as a temporary bottom. 19000 levels will act as a stiff resistance level.Banknifty will gain upside strength only above 22000 levels.
Market Breadth Banknifty
Advances 9 Declines 3
The biggest loser among Banknifty index was PNB down 5.92 percent and highest gainer was HDFC Bank up 12.41 percent.
FNO Data Analysis
Banknifty March Futures are trading at a premium of 32 points.
For March 26 expiry
Highest open interest Call side is at 19000 ce around 2.54 lakh shares
Highest open interest Put side is at 14000 pe around 3.45 lakh shares
Huge amount of put writing at 17000 pe means 17000 will act as strong support level for Banknifty