Monthly Expiry Above 11200 ? – Nifty Analysis 29.7.2020

Nifty 5 Min Intraday Chart 29.7.2020
Nifty 5 Min Intraday Chart 29.7.2020

Open 11276 High 11341 Low 11149 Close 11202

Nifty opened with a gap down of 24 points at 11276 levels and touched a high of 11341 on the second five minute candle which also turned out to be the highest point of the day.

Nifty trended downwards throughout the day as it faced heavy selling pressure at 11300-11350 levels. Nifty fell 190 points from morning highs to touch a day low level of 11149 at around 2.45 pm.  

Nifty closed the day at 11202 down 98 points or 0.86 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 22 Declines 28 Unchanged 0

The highest gainer among Nifty 50 index was Dr Reddy up 6.28 percent and biggest loser was Reliance down 3.94 percent. 

FNO Data Analysis

Nifty July Futures are trading at a premium of 9 points.

For July 30 expiry

Highest open interest Call side is at 11300 ce around 55.64 lakh shares

Highest open interest Put side is at 11000 pe around 40.84 lakh shares

Huge amount of call writing at 11300 ce means 11300 will act as strong resistance level for Nifty

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