Banknifty Analysis 20.5.2020

Banknifty 5 Min Intraday Chart 20.5.2020
Banknifty 5 Min Intraday Chart 20.5.2020

Open 17486 High 18002 Low 17407 Close 18840

Banknifty witnessed a flat opening at 17486 levels and touched a low of 17407 on the first 5 minute candle which also tuned out to be the lowest point of the day.Banknifty rallied another 250 points from opening levels to touch a day high level of 17486 at around 9.20 am.

Banknifty consolidated between 17470-17650 levels throughout the afternoon session. Banknifty broke out of the consolidation zone on the upside in the late afternoon session and rallied 346 points from 18650 to touch a new day high level of 18002 at around 2.30 pm

Banknifty closed the day at 17840 up 353 points or 2.02 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 9 Declines 3

The biggest loser among Banknifty index was Indusind Bank down 2.69 percent and biggest gainer was HDFC Bank up 3.95 percent.

FNO Data Analysis

Banknifty May Futures are trading at a premium of 100 points.

For May 14 expiry

Highest open interest Call side is at 19000 ce around 6.52 lakh shares

Highest open interest Put side is at 17000 pe around 5.64lakh shares

Huge amount of put writing at 17500 pe means 17500 will act as strong support level for Banknifty

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