Nifty is still rangebound – Nifty Analysis 30.6.2020

Nifty 5 Min Intraday Chart 30.6.2020
Nifty 5 Min Intraday Chart 30.6.2020

Open 10382 High 10401  Low 10267 Close 10302

Nifty opened with a gap up of 70 points at 10382 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 Nifty faced heavy resistance at 10400 levels and could not move past it. Nifty after touching 10400 levels trended downwards for the rest of the day.Nifty was a bit range bound in the morning and afternoon session but the downtrend gained momentum in the late afternoon session in which Nifty fell 120 points from highs of 10385 to touch a day low level of 10267 at around 2.35 pm. 

Nifty closed the day at 10302 down 10 points or 0.10 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 20 Declines 30

The highest gainer among Nifty 50 index was Shree Cements up 3.04 percent and biggest loser was BPCL down 2.28 percent. 

FNO Data Analysis

Nifty July Futures are trading at a discount of 44 points.

For July 2 expiry

Highest open interest Call side is at 10400 ce around 32.99 lakh shares

Highest open interest Put side is at 10000 pe around 28.23 lakh shares

Huge amount of call writing at 10400 ce means 10400 will act as strong resistance level for Nifty

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