Banknifty Analysis 11.9.2020

Banknifty 5 Min Intraday Chart 11.9.2020k
Banknifty 5 Min Intraday Chart 11.9.2020

Open 22509 High 22668 Low 22205 Close 22466

Banknifty opened with a gap up of 43 points at 22509 levels and touched a high of 22668 on the

Banknifty faced stiff resistance at 22700 levels and trended downwards throughout the rest of the day. Banknifty fell 304 points from morning high level to touch a day low level of 22205 at around 1.56 pm. Banknifty recovered around 300 points from day low levels in the late afternoon session to touch a high of 22520 just before the closing bell.

Banknifty closed the day at 22466 up 199 points or 0.89 percent.

Banknifty may trade in a range of 2000 points now 22000 on the downside and 24000 on the upside. A big move will come only when this range is broken. 

Market Breadth Banknifty

Advances 9 Declines 3 Unchanged 0

The biggest gainer among Banknifty index was SBI up 2.80 percent and biggest loser was Indusind Bank down 1.68 percent.

FNO Data Analysis

Banknifty Sep Futures are trading at a premium of 96 points.

For Sep 17 expiry

Highest open interest Call side is at 22500 ce around 6.80 lakh shares

Highest open interest Put side is at 21000 pe around 6.64 lakh shares

Huge amount of call writing at 22500 ce means 22500 will act as strong resistance for Banknifty

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