Banknifty Analysis 2.7.2020

Banknifty Complete Analysis 2.7.2020
Banknifty Complete Analysis 2.7.2020

Open 22133 High 22344 Low 21890 Close 21953

Banknifty opened with a gap up of 156 points at 22133 levels and touched a high of 22344 on the seventh 5 minute candle which also turned out to be the highest point of the day.

Banknifty faced stiff resistance at 22350 levels and fell 454 points from day high levels to touch a day low level of 21890 at around 11.25 am. Banknifty trended upwards in the afternoon session by rallying 350 points from day low levels to touch a high of 22250 at around 2.05 pm.

Banknifty fell 350 points from highs of 22250 in the late afternoon session.

Banknifty closed the day at 21953 down 25 points or 0.11 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 7 Declines 4 Unchanged 1

The highest gainer among Banknifty index was Bandhan Bank up 6.12 percent  and biggest loser was Axis Bank down 1.95 percent

FNO Data Analysis
Banknifty July Futures are trading at a premium of 60 points.

For July 9 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

Open Trading and Demat Account in Just 10 minutes