Banknifty Analysis 1.7.2020

Banknifty Complete Analysis 1.7.2020
Banknifty Complete Analysis 1.7.2020

Open 21354 High 22061 Low 21281 Close 21977

Banknifty opened with a gap down of 21 points at 21354 levels and touched a low of 21281 on the first five minute candle which also turned out to be the lowest point of the day.

As expected Banknifty took support at important support levels of 21280-21300 and trended upwards for the rest of the day with small pullbacks in between.

Banknifty rallied 710 points from day low levels to touch a day high level of 22061 at around 1 pm.

Banknifty closed the day at 21977 up 607 points or 2.84 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 10 Declines 2

The highest gainer among Banknifty index was Axis Bank up 6.34 percentĀ  and biggest loser was Kotak Bank down 1.14 percent

FNO Data Analysis
Banknifty July Futures are trading at a discount of 122 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 put writing at 21500 ce means 21500 will act as strong support level for Banknifty

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