Banknifty Analysis 26.3.2020

Banknifty 5 Min Intraday Chart 26.3.2020
Banknifty 5 Min Intraday Chart 26.3.2020

Open 18781 High 20409 Low 18364 Close 19613

Banknifty opened with a gap up of 300 points at 18781 levels and made a low of 18354 on the first 5 minute candle which also turned out to be the lowest point of the day .Banknifty did not fall any lower and took support at 18350 levels.

Banknifty rallied 1939 points from 18350 levels to touch a day high level of 20300 at around 10.40 am. The index fell 772 points from day high levels to trade around 19550 levels in the afternoon session. Banknifty again took support at crucial levels of 19500 and moved upwards towards new day high levels of 20409 at around 12.45 pm.

Banknifty fell 1276 points from day high levels to touch lows of 19100 in the late afternoon session.

Banknifty closed the day at 19613 up 1132 points or 6.13 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.18500-19000 will act as important support levels while 21000 levels will act as a stiff resistance level.Banknifty will gain upside strength only above 22000 levels.

Market Breadth Banknifty

Advances 10 Declines 2

The biggest loser among Banknifty index was Bank Baroda down 4.12 percentĀ  and highest gainer was Indusind Bank up 46.03 percent.

FNO Data Analysis

Banknifty April Futures are trading at a premium of 8 points.

For April 1 expiry

Highest open interest Call side is at 20000 ce around 4.54 lakh shares

Highest open interest Put side is at 19000 pe around 3.60 lakh shares

Huge amount of put writing at 19000 pe means 19000 will act as strong support level for Banknifty

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