Banknifty Analysis 26.6.2020

Banknifty Complete Analysis 26.6.2020
Banknifty Complete Analysis 26.6.2020

Open 21735 High 21784 Low 21320 Close 21592

Banknifty opened with a gap up of 230 points at 21735 levels and touched a high of 21784 on the 4th five minute candle which also tuned out to be the highest point of the day.

Banknifty traded in a 200 point range 21370-21570 throughout the day with a slightly bullish bias.

Banknifty closed the day at 21592 up 86 points or 0.4 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 6 Declines 4 Unchanged 2

The highest gainer among Banknifty index was Indusind Bank up 3.76 percentĀ  and biggest loser was Kotak Bank down 2.36 percent

FNO Data Analysis
Banknifty July Futures are trading at a discount of 62 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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