Banknifty Analysis 25.6.2020

Banknifty Complete Analysis 25.6.2020
Banknifty Complete Analysis 25.6.2020

Open 21218 High 21703 Low 21926 Close 21506

Banknifty opened with a gap down of 208 points at 21218 levels and touched a low of 21926 on the first five minute candle which also tuned out to be the lowest point of the day.

As expected Banknifty took support at crucial levels of 22000-21900 and rallied 679 points from morning low levels to touch a high of 21608 at around 11.05 am. Banknifty faced stiff resistance at 21600 levels and fell 520 points from day high levels to touch a low of 21090 at around 12.50 pm.

Banknifty took support at 21100 levels and rallied 600 points to touch a new day high level of 21703 at around 2.15 pm.

Banknifty closed the day at 21506 down 80 points or 0.37 percent

21500-21000 will act as crucial support levels whereas 23000 will act as heavy resistance area. A big move will come only when 19000 breaks on the downside or 23000 breaks on the upside.

Market Breadth Banknifty

Advances 8 Declines 4

The highest gainer among Banknifty index was RBL Bank up 3.04 percentĀ  and biggest loser was IDFC First Bank down 1.81 percent

FNO Data Analysis
Banknifty July Futures are trading at a discount of 90 points.

For July 2 expiry

Highest open interest Call side is at 22000 ce around 18.90 lakh shares

Highest open interest Put side is at 21000 pe around 18.82 lakh shares

Huge amount of put writing at 21000 pe means 21000 will act as strong support level for Banknifty

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