Open 21524 High 21650 Low 21212 Close 21370
Banknifty opened with a gap up of 164 points at 1032 levels and touched a high of 10401 on the fourth five minute candle which also turned out to be the highest point of the day.
As expected Banknifty faced heavy resistance at 21600-21650 levels and could not move past it. Banknifty after touching 21650 levels trended downwards for the rest of the day.Banknifty was a bit range bound in the morning and afternoon session but the downtrend gained momentum in the late afternoon session in which Banknifty fell 290 points from highs of 21510 to touch a day low level of 21212 at around 2.35 pm.
Banknifty closed the day at 21370 up 11 points or 0.05 percent
21000 will act as crucial support levels whereas 23000 will act as heavy resistance area. A big move will come only when 20000 breaks on the downside or 23000 breaks on the upside.
Market Breadth Banknifty
Advances 2 Declines 10
The highest gainer among Banknifty index was ICICI Bank up 2.59 percent and biggest loser was RBL Bank down 3.23 percent
FNO Data Analysis
Banknifty July Futures are trading at a discount of 125 points.
For July 2 expiry
Highest open interest Call side is at 22000 ce around 7.59 lakh shares
Highest open interest Put side is at 20500 pe around 6.21 lakh shares
Huge amount of call writing at 21500 ce means 21000 will act as strong resistance level for Banknifty