Open 22195 High 22252 Low 21580 Close 21646
Banknifty opened with a gap up of 120 points at 22195 levels and moved upwards in the early morning session to touch a day high level of 22252 at around 11.10 am.
Banknifty faced heavy resistance at 22250 levels and fell 672 points from day high level to touch a day low level of 21580 just before the closing bell.
Banknifty closed the day at 21646 down 429 points or 1.95 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 1 Declines 11 Unchanged 0
The highest gainer among Banknifty index was Indusind Bank up .49 percent and biggest loser was RBL bank up 5.35 percent.
FNO Data Analysis
Banknifty Aug Futures are trading at a discount of 27 points.
For July 30 expiry
Highest open interest Call side is at 23000 ce around 4.87 lakh shares
Highest open interest Put side is at 21000 pe around 3.08 lakh shares
Huge amount of call writing at 22000 ce means 22000 will act as strong resistance level for Banknifty