Nifty Analysis 21.5.2020

Nifty 5 Min Intraday Chart 21.5.2020
Nifty 5 Min Intraday Chart 21.5.2020

Open 9079 High 9178 Low 9056 Close 9106

Nifty opened with a gap up of 13 points at 9079 levels and touched a low of 9056 on the first 5 minute candle which also tuned out to be the lowest point of the day.Nifty trended upwards throughout the morning session by rallying 100 points from opening levels to touch a day high level of 9178 at around 1.35 pm.

Nifty faced heavy resistance at 9180-9200 levels and fell 94 points from day high levels to hit a low of 9081 at around 2.25 pm.

Nifty closed the day at 9106 up 40 points or 0.44 percent.  

Nifty is quite volatile these days. Trading these kinds of volatile markets is difficult.Nobody knows when or at what level Nifty will bottom out. But as Nifty is not breaching the recent low levels of 7525 levels the level of 7500 can be treated as a temporary bottom.8800-9000 levels will act as a crucial support zone for the index whereas 9200-9300 will act as heavy resistance areas.A big bullish breakout will occur only above 9500 levels.

Market Breadth Nifty

Advances 30 Declines 20

The highest gainer among Nifty 50 index was ITC up 7.08 percent and biggest loser was Bajaj Finserv down 3.6 percent. 

FNO Data Analysis

Nifty April Futures are trading at a discount of 40 points.

For May 28 expiry

Highest open interest Call side is at 9500 ce around 28.32 lakh shares

Highest open interest Put side is at 9000 pe around 33.12 lakh shares

Huge amount of put writing at 9000 pe means 9000 will act as strong support level for Nifty

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