Nifty at 4 month high – Nifty Analysis 2.7.2020

Nifty 5 Min Intraday Chart 2.7.2020
Nifty 5 Min Intraday Chart 2.7.2020

Open 10493 High 10598  Low 10485 Close 10551

Nifty opened with a gap up of 63 points at 10493 levels and touched a low of 10485 on the first 5 minute candle which also turned out to be the lowest point of the day.

Nifty trended upwards throughout the day with small pullbacks in between. Nifty rallied 115 points from day low levels to touch a day high level of 10598 at around 2 pm.

Nifty closed the day at 10551 up 130 points or 1.17 percent 

Nifty seems to have given a bullish breakout above 10500 levels. 10300 will act as crucial support level whereas 10700 will act as stiff resistance level. A breakout above 10750 levels can lead to a rally towards 11100 levels.

Market Breadth Nifty

Advances 36 Declines 14

The highest gainer among Nifty 50 index was M&M up 6.42 percent and biggest loser was Axis Bank down 1.95 percent. 

FNO Data Analysis

Nifty July Futures are trading at a premium of .20 points.

For July 9 expiry

Highest open interest Call side is at 10600 ce around 16.47 lakh shares

Highest open interest Put side is at 10000 pe around 16.08 lakh shares

Huge amount of put writing at 10400 pe means 10400 will act as strong support level for Nifty

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