Banknifty Analysis 30.6.2020

Banknifty Complete Analysis 30.6.2020
Banknifty Complete Analysis 30.6.2020

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 percentĀ  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

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