Banknifty Analysis 3.6.2020

Banknifty Complete Analysis 3.7.2020
Banknifty Complete Analysis 3.7.2020

Open 22101 High 22130 Low 21768 Close 21852

Banknifty opened with a gap up of 152 points at 22101 levels and touched a high of 22130 on the first 5 minute candle which also turned out to be the highest point of the day.

Banknifty trended downwards in the morning session as it fell 332 points from morning high levels to touch a low of 21820 at around 9.50 am.

Banknifty took support at 21800 levels and rallied 250 points from morning low levels to touch a high of 22053 at around 12.25 pm. Banknifty again faced selling pressure at 22000 levels and fell 275 points from afternoon highs to touch a day low level of 21768 at around 1.40 pm.

Banknifty closed the day at 21852 down 100 points or 0.46 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 2 Declines 9 Unchanged 1

The highest gainer among Banknifty index was Axis Bank up 1.37 percentĀ  and biggest loser was RBL Bank down 2.36 percent

FNO Data Analysis
Banknifty July Futures are trading at a discount of 20 points.

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