Banknifty Analysis 27.7.2020

Banknifty Complete Analysis 27.7.2020
Banknifty Complete Analysis 27.7.2020

Open 22664 High 22668 Low 22801 Close 21848

Banknifty opened with a gap up of 2 points at 22664 levels and touched a high of 22668 on the first five minute candle which also turned out to be the highest point of the day.

Banknifty trended downwards throughout the day with small pullbacks in between. Banknifty fell 768 points from morning high levels to touch a day low level of 21801 just before the closing bell.

Banknifty closed the day at 21848 down 814 points or 3.59 percent.

It looks like Banknifty has given a bullish breakout above 22000 levels. From here Banknifty may rally towards 23000-23500 levels. A break of 21300 levels will mean that this breakout has failed. A buy on dips strategy can be quite fruitful.

Market Breadth Banknifty

Advances 0 Declines 12 Unchanged 0 

The biggest loser among Banknifty index was ICICI Bank up 6.05 percent.

FNO Data Analysis

Banknifty July Futures are trading at a discount of 3 points.

For July 30 expiry

Highest open interest Call side is at 23000 ce around 12.89 lakh shares

Highest open interest Put side is at 21500 pe around 7.75 lakh shares

Huge amount of call writing at 22500 ce means 22500 will act as strong resistance level for Banknifty

Open Trading and Demat Account in Just 10 minutes