Nifty might consolidate for a bit now – Nifty Analysis 29.6.2020

Nifty 5 Min Intraday Chart 29.6.2020
Nifty 5 Min Intraday Chart 29.6.2020

Open 10311 High 10337 Low 10223 Close 10312

Nifty opened with a gap down of 72 points at 10311 levels and moved downwards in the early morning session to touch a day low level of 10223 at around 11.30 am.

As expected Nifty took support at 10200-10250 levels and trended upwards for the rest of the day.Nifty rallied 110 points from day low levels to touch a day high level of 10337 just before the closing bell.

Nifty closed the day at 10312 down 70 points or 0.68 percent 

10200-10300 will act as a crucial support level whereas 10500 will act as a stiff resistance level. A big move will come only below 9800 levels or above 10500 levels. 

Market Breadth Nifty

Advances 29 Declines 21

The highest gainer among Nifty 50 index was Britannia up 2.13 percent and biggest loser was Coal India down 4.96 percent. 

FNO Data Analysis
Nifty July Futures are trading at a discount of 51 points.

For July 2 expiry

Highest open interest Call side is at 10500 ce around 27.59 lakh shares

Highest open interest Put side is at 10000 pe around 24.86 lakh shares

Huge amount of put writing at 10100 pe means 10100 will act as strong support level for Nifty

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