Banknifty Analysis 28.7.2020

Banknifty Complete Analysis 28.7.2020
Banknifty Complete Analysis 28.7.2020

Open 21940 High 22233 Low 21611 Close 22105

Banknifty opened with a gap up of 90 points at 21940 levels and moved downwards in the early morning session. Banknifty touched a day low level of 21611 at around 10.15 am.

Banknifty took support at 21600 levels and trended upwards for the rest of the day. Banknifty rallied 633 points from day low level to touch a day high level of 22233 at around 2.30 pm.  

Banknifty closed the day at 22105 down 257 points or 1.17 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 9 Declines 3 Unchanged 0 

The biggest loser among Banknifty index was ICICI Bank up 1.7 percent and highest gainer was Kotak bank up 4.70 percent.

FNO Data Analysis

Banknifty July Futures are trading at a premium of 25 points.

For July 30 expiry

Highest open interest Call side is at 23000 ce around 10.42 lakh shares

Highest open interest Put side is at 21500 pe around 6.89 lakh shares

Huge amount of put writing at 22700 pe means 22700 will act as strong support level for Banknifty

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