Nifty needs to cross 11240 for further upmove – Nifty Analysis 27.7.2020

Nifty 5 Min Intraday Chart 27.7.2020
Nifty 5 Min Intraday Chart 27.7.2020

Open 11225 High 11225 Low 11087 Close 11131

Nifty opened with a gap up of 31 points at 11225 levels and touched a high of 11225 on the first five minute candle which also turned out to be the highest point of the day.

Nifty trended downwards in the early morning session to touch day low level of 11087 at around 9.45 am.Nifty took support at 10100 levels and trended upwards throughout the afternoon session.

Nifty rallied 97 points from day low levels to touch a high of 11185 at around 1.40 pm.

Nifty closed the day at 11131 down 63 points or 0.56 percent.

Nifty is looking to form a base around 11000 levels. If Nifty manages to hold 11000 levels Nifty can rally towards 11400-11500 levels in coming days. If Nifty breaks 11000 on the downside it can fall towards 10800 levels.

Market Breadth Nifty

Advances 18 Declines 32 Unchanged 0

The highest gainer among Nifty 50 index was Asian Paint up 3.53 percent and biggest loser was Icici Bank down 6.05 percent. 

FNO Data Analysis

Nifty July Futures are trading at a discount of 17 points.

For July 30 expiry

Highest open interest Call side is at 11500 ce around 44.95 lakh shares

Highest open interest Put side is at 11000 pe around 45.2 lakh shares

Huge amount of call writing at 11200 ce means 11200 will act as strong resistance level for Nifty

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