Banknifty Analysis 9.9.2020

Banknifty 5 Min Intraday Chart 9.9.2020k
Banknifty 5 Min Intraday Chart 9.9.2020

Open 22971 High 23064 Low 22641 Close 22744

Banknifty opened with a gap up of 26 points at 22971 levels and touched a low of 22875 on the first five minute candle. Banknifty trended upwards in the morning session to touch a day high level of 23064 at around 12.45 pm.

As expected Banknifty faced stiff resistance at 23000 levels and could not move past it. Banknifty fell around 420 points from day high levels to touch a day low level of 22641 just before the closing bell.

Banknifty closed the day at 22744 down 200 points or 0.87 percent.

Banknifty may trade in a range of 2000 points now 22500 on the downside and 24500 on the upside. A big move will come only when this range is broken. 

Market Breadth Banknifty

Advances 2 Declines 10 Unchanged 0

The biggest gainer among Banknifty index was ICICI Bank up 0.68 percent and biggest loser was IDFC First Bank down 4.73 percent.

FNO Data Analysis

Banknifty Sep Futures are trading at a discount of 87 points.

For Sep 10 expiry

Highest open interest Call side is at 23000 ce around 9.55 lakh shares

Highest open interest Put side is at 22000 pe around 6.97 lakh shares

Huge amount of call writing at 23300 ce means 23300 will act as strong resistance for Banknifty

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