Banknifty Analysis 29.7.2020

Banknifty Complete Analysis 27.7.2020
Banknifty Complete Analysis 29.7.2020

Open 22075 High 22346 Low 21906 Close 22076

Banknifty opened with a gap down of 30 points at 22075 levels and moved upwards in the early morning session. Banknifty rallied 270 points from opening level to touch a day high level of 22346 at around 1.15 pm.

Banknifty faced heavy resistance at 22300-22350 levels and fell 446 points from day high level to touch a day low level of 21906 at around 2.45 pm.  

Banknifty closed the day at 22076 down 30 points or .13 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 8 Declines 4 Unchanged 0

The highest gainer among Banknifty index was Indusind Bank up 3.05 percent and biggest loser was RBL bank up 2.94 percent.

FNO Data Analysis

Banknifty July Futures are trading at a discount of 27 points.

For July 30 expiry

Highest open interest Call side is at 23000 ce around 14.72 lakh shares

Highest open interest Put side is at 21500 pe around 8.08 lakh shares

Huge amount of call writing at 23000 ce means 23000 will act as strong resistance level for Banknifty

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