Can Nifty touch 11500 in July series itself – Nifty Analysis 28.7.2020

Nifty 5 Min Intraday Chart 28.7.2020
Nifty 5 Min Intraday Chart 28.7.2020

Open 11154 High 11317 Low 11151 Close 11300

Nifty opened with a gap up of 23 points at 11154 levels and touched a low of 11151 on the first five 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 167 points from morning low levels to touch a day high level of 11270 at around  

Nifty closed the day at 11300 up 169 points or 1.52 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 42 Declines 8 Unchanged 0

The highest gainer among Nifty 50 index was Ultratech Cement up 7.02 percent and biggest loser was Icici Bank down 1.77 percent. 

FNO Data Analysis

Nifty July Futures are trading at a discount of 1 points.

For July 30 expiry

Highest open interest Call side is at 11400 ce around 42.28 lakh shares

Highest open interest Put side is at 11000 pe around 50.89 lakh shares

Huge amount of put writing at 11200 pe means 11200 will act as strong support level for Nifty

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