Breakout in Nifty ? – Nifty Analysis 1.7.2020

Nifty 5 Min Intraday Chart 1.7.2020
Nifty 5 Min Intraday Chart 1.7.2020

Open 10323 High 10447  Low 10299 Close 10430

Nifty opened with a gap up of 21 points at 10323 levels and touched a low of 10299 on the first five minute candle which also turned out to be the lowest point of the day.

As expected Nifty took support at important support levels of 10300 and trended upwards for the rest of the day with small pullbacks in between.

Nifty rallied 148 points from day low levels to touch a day high level of 10447 at around 1 pm.  

Nifty closed the day at 10430 up 128 points or 1.24 percent 

10200-10300 will act as a crucial support level whereas 10500 will act as a stiff resistance level. A big move will come only below 9800 levels or above 10500 levels. 

Market Breadth Nifty

Advances 26 Declines 23 Unchanged 1

The highest gainer among Nifty 50 index was Axis Bank up 6.34 percent and biggest loser was NTPC down 2.14 percent. 

FNO Data Analysis

Nifty July Futures are trading at a discount of 34 points.

For July 2 expiry

Highest open interest Call side is at 10500 ce around 32.97 lakh shares

Highest open interest Put side is at 10300 pe around 38.34 lakh shares

Huge amount of put writing at 10300 pe means 10300 will act as strong support level for Nifty

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