Banknifty Analysis 3.4.2020

Banknifty 5 Min Intraday Chart 3.4.2020
Banknifty 5 Min Intraday Chart 3.4.2020

Open 18325 High 18326 Low 17143 Close 17249

Banknifty opened with a gap up of 117 points at 18325 levels and touched a high of 18326 on the first 5 minute candle which also tuned out to be the highest point of the day. Banknifty faced heavy selling pressure throughout the morning session and fell 806 points from opening levels to touch a day low level of 17540 at around 9.20 am.

Banknifty gave a small pullback towards 17873 levels in the morning session itself and trended downwards for the rest of the day.Banknifty fell 765 points from 17873 levels to touch a new day low level of 17143 at around 2.40 pm.

Banknifty closed the day at 17249 levels down 959 point or 5.27 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.17500-17000 will act as important support levels while 20000 – 20500 levels will act as a stiff resistance level.Banknifty will gain upside strength only above 22000 levels.

Market Breadth Banknifty

Advances 0 Declines 12

The biggest loser among Banknifty index was RBL Bank down 15.5 percent 

FNO Data Analysis

Banknifty April Futures are trading at a discount of 24 points.

For April 9 expiry

Highest open interest Call side is at 19000 ce around 3.54 lakh shares

Highest open interest Put side is at 17000 pe around 1.97 lakh shares

Huge amount of call writing at 19000 ce means 19000 will act as strong resistnace level for Banknifty

Open Trading and Demat Account in Just 10 minutes