Nifty Analysis 9.9.2020

Nifty 5 Min Intraday Chart 9.9.2020
Nifty 5 Min Intraday Chart 9.9.2020

Open 11218 High 11298 Low 11185 Close 11278

Nifty opened with a huge gap down of 99 points at 11218 levels and touched a low of 11211 on the first five minute candle.

After a quite volatile morning session nifty moved lower to touch a day low level of 11185 at around 12.10 am. Nifty took support at 11200 levels and rallied 113 points from day low levels to touch a day high level of 11298 just before the closing bell.

Nifty trended upwards in the morning session to touch a day high level of 11437 at around 12.45 am. Nifty faced stiff resistance at 11430-11450 levels and fell 147 points from day high levels to touch a day low level of 11290 at just before the closing bell.  

Nifty closed the day at 11317 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. If Nifty starts trading below 11200 once again it may fall towards 11000 levels.Nifty will gain momentum on the upside only above 11500 levels.

Market Breadth Nifty

Advances 25 Declines 24 Unchanged 1

The highest gainer among Nifty 50 index was Tata Steel up 3.57 percent and biggest loser was SBI down 4.09 percent. 

FNO Data Analysis

Nifty Sep Futures are trading at a premium of 39 points.

For Sep 10 expiry

Highest open interest Call side is at 11500 ce around 33.86 lakh shares

Highest open interest Put side is at 11000 pe around 37.41 lakh shares

Huge amount of call writing at 11300 ce means 11300 will act as strong resistance level for Nifty

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