Banknifty Analysis 29.6.2020

Banknifty Complete Analysis 29.6.2020
Banknifty Complete Analysis 29.6.2020

Open 21291 High 21440 Low 21026 Close 21359

Banknifty opened with a gap down of 300 points at levels and moved downwards in the early morning session to touch a day low level of 21026 at around 10.15 am.

As expected Banknifty took support at 21000-21050 levels and trended upwards for the rest of the day with pullbacks in between. Banknifty rallied 410 points from day low levels to touch a day high level of 21440 just before the closing bell.

Banknifty closed the day at 21359 down 232 points or 1.08 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 2 Declines 10

The highest gainer among Banknifty index was HDFC Bank up 1.80 percentĀ  and biggest loser was RBL Bank down 5.46 percent

FNO Data Analysis
Banknifty July Futures are trading at a discount of 110 points.

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