Banknifty Analysis 31.3.2020

Banknifty 5 Min Intraday Chart 31.3.2020
Banknifty 5 Min Intraday Chart 31.3.2020

Open 19307 High 19446 Low 18792 Close 19144

Banknifty opened with a huge gap up of 525 points at 19307 levels and touched a low of 19314 on the first 5 minute candle.

Banknifty could not sustain at gap up levels and fell 512 points from opening high levels to touch a low of 18792 at around 9.30 am which also tuned out to be the lowest point of the day.

Banknifty took support at crucial support levels of 18800 and trended upwards for the rest of the day with small pullbacks in between Banknifty rallied 668 points from day low levels to touch a day high level to touch a day high level of 19446 a around 2.35 am.

Banknifty fell around 448 points from day high levels in the last hour of trading session to close the day at 19144 up 361 points or 1.93 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 – 21500 levels will act as a stiff resistance level.Banknifty will gain upside strength only above 22000 levels.

Market Breadth Banknifty

Advances 7 Declines 55

The biggest loser among Banknifty index was Indusind Bank down 15.14 percent  and highest gainer was Bank Baroda up 6.77 percent.

FNO Data Analysis

Banknifty April Futures are trading at a discount of 145 points.

For April 1 expiry

Highest open interest Call side is at 22000 ce around 3.30 lakh shares

Highest open interest Put side is at 18000 pe around 2.45 lakh shares

Huge amount of call writing at 21000 ce means 21000 will act as strong resistnace level for Banknifty

Open Trading and Demat Account in Just 10 minutes