Nifty Analysis 16.9.2020

Nifty 5 Min Intraday Chart 16.9.2020
Nifty 5 Min Intraday Chart 16.9.2020

Open 11538 Low 11516 High 11618 Close 11604

Nifty opened with a gap up of 17 points at 11538 levels and touched a high of 11545 on the first five minute candle. 

Nifty trended upwards throughout the day with pullbacks in between. Nifty rallied 80 points from opening levels to touch a day high level of 11618 just before the closing bell.  

Nifty closed the day at 11604 up 83 points or .72 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 29 Declines 19 Unchanged 2

The highest gainer among Nifty 50 index was Dr Reddy Bank up 4.44 percent and biggest loser was Indus Ind Bank down 2 percent. 

FNO Data Analysis

Nifty Sep Futures are trading at a premium of 7 points.

For Sep 17 expiry

Highest open interest Call side is at 11600 ce around 32.27 lakh shares

Highest open interest Put side is at 11400 pe around 40 lakh shares

Huge amount of put writing at 11500 pe means 11500 will act as strong support level for Nifty

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