Nifty at crucial levels of 11000 – Nifty Analysis 31.7.2020

Nifty 5 Min Intraday Chart 31.7.2020
Nifty 5 Min Intraday Chart 31.7.2020

Open 11139 High 11150 Low 11026 Close 11073

Nifty opened with a gap up of 37 points at 11139 levels and touched a high of 11150 on the sixth five minute candle which also turned out to be the highest point of the day.

Nifty faced heavy selling pressure at 11150 levels and trended downwards for the rest of the day. Nifty fell 124 points from morning high levels to touch a day low level of 11026 at around 12.40 pm.

Nifty recovered 74 points from day low levels to touch a high of  11103 at around 2.15 pm.

Nifty closed the day at 11073 down 29 points or 0.27 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 13 Declines 37 Unchanged 0

The highest gainer among Nifty 50 index was Sun Pharma up 5.46 percent and biggest loser was Eicher Motors down 2.74 percent. 

FNO Data Analysis

Nifty July Futures are trading at a premium of 31 points.

For August 6 expiry

Highest open interest Call side is at 11200 ce around 25.97 lakh shares

Highest open interest Put side is at 11000 pe around 20.61 lakh shares

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

Open Trading and Demat Account in Just 10 minutes