Banknifty Intraday Analysis for 7th January 2025
Updated
BANKNIFTY Index closed near 49920 level and Maximum Call and Put Writing near CMP as below in January Month contract:
Call Writing
51000 Strike – 13.72 Lakh
50000 Strike – 6.47 Lakh
50500 Strike – 5.02 Lakh
Put Writing
49000 Strike – 12.14 Lakh
50000 Strike – 11.73 Lakh
51000 Strike – 11.61 Lakh
Index has resistance near 50300 – 50400 range and if index crosses and sustains above this level then may reach near 50800 – 50900 range.
Index has immediate support near 49500 - 49400 range and if this support is broken then index may tank near 49000 - 48900 range. If the Index doesn't bounce back from day low, another round of downside moment is expected due to fresh development of the HMPV threat.
Trade closed: target reached
Gap up opening then again fall with low near 49970, again bounced with high near 50450 and closed near 50200.
Disclaimer: Above discussion is not a Buy or Sell recommendation. This is only for educational purpose.
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