Weekly Expiry at 11450 for Nifty – Nifty Analysis 10.9.2020

Nifty 5 Min Intraday Chart 10.9.2020
Nifty 5 Min Intraday Chart 10.9.2020

Open 11364 High 11464 Low 11327 Close 11278

Nifty opened with a huge gap up of 95 points at 11364 levels and touched a low of 11327 on the first five minute candle which also turned out to be the lowest point of the day.

Nifty trended upwards throughout the day with small pullbacks in between. Nifty rallied 100 points from opening levels to touch a day high level of 11464 just before the closing bell.  

Nifty closed the day at 11 down 39 points or .35 percent.

Nifty may have made a short term top at 11800 which may not be broken for some weeks now. It looks like Nifty may consolidate between 11200 – 11800 levels. A big move will come only when this range is broken

Market Breadth Nifty

Advances 30 Declines 19 Unchanged 1

The highest gainer among Nifty 50 index was Reliance up 7.29 percent and biggest loser was Infratel down 4.78 percent. 

FNO Data Analysis

Nifty Sep Futures are trading at a premium of 18 points.

For Sep 10 expiry

Highest open interest Call side is at 12000 ce around 15.14 lakh shares

Highest open interest Put side is at 11000 pe around 19.68 lakh shares

Huge amount of call writing at 12000 ce means 12000 will act as strong resistance level for Nifty

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