Open 18037 High 18175 Low 17390 Close 17486
Banknifty opened with a gap up of 464 points at 18037 and after the initial downmove till 17500 levels Banknifty rallied 138 points from opening levels to touch a day high level of 18175 at around 11 am.
As expected Banknifty faced heavy resistance at 18175-18200 levels and could not move past it. Banknifty fell 777 points from day high levels to touch a day low level of 17390 in the afternoon session.
Banknifty closed the day at 17486 down 87 points or 0.49 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.17000-17500 will act as important support levels while 19500 – 20000 levels will act as a stiff resistance level.
Market Breadth Banknifty
Advances 3 Declines 9
The biggest loser among Banknifty index was Bank Baroda down 5.44 percent and biggest gainer was Kotak Bank up 1.64
FNO Data Analysis
Banknifty May Futures are trading at a discount of 46 points.
For May 14 expiry
Highest open interest Call side is at 19000 ce around 6.54 lakh shares
Highest open interest Put side is at 17000 pe around 3.9 lakh shares
Huge amount of put writing at 17200 pe means 17200 will act as strong support level for Banknifty