Banknifty Analysis 21.5.2020

Banknifty 5 Min Intraday Chart 21.5.2020
Banknifty 5 Min Intraday Chart 21.5.2020

Open 17901 High 18200 Low 17658 Close 17735

Banknifty opened with a gap up of 60 points at 17901 levels and touched a low of 17860 on the first 5 minute candle. Banknifty trended upwards throughout the morning session by rallying 300 points from opening levels to touch a day high level of 18200 at around 10.40 am.

Banknifty faced heavy resistance at 18200 levels and fell 540 points from day high levels to touch a day low level of 17658 just before the closing bell.

Banknifty closed the day at 17735 down 105 points or 0.59 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 4 Declines 8

The biggest gainer among Banknifty index was Bank Baroda up 2.59 percent and biggest loser was Bandhan Bank up 5.29 percent.

FNO Data Analysis

Banknifty May Futures are trading at a discount of 105 points.

For May 28 expiry

Highest open interest Call side is at 19000 ce around 4.61 lakh shares

Highest open interest Put side is at 17500 pe around 3.53 lakh shares

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

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