Banknifty Intraday Analysis for 21st January 2025

Jan 20

BANKNIFTY

Index closed near 49350 level and Maximum Call and Put Writing near CMP as below in January Month contract:

Call Writing
50000 Strike – 16.83 Lakh
49500 Strike – 10.86 Lakh
50500 Strike – 10.43 Lakh

Put Writing
48000 Strike – 14.50 Lakh
49000 Strike – 14.48 Lakh
48500 Strike – 9.69 Lakh

Index has resistance near 50000 – 50100 range and if index crosses and sustains above this level then may reach near 50600 – 50700 range.

Index has immediate support near 48700 - 48600 range and if this support is broken then index may tank near 48000 - 47900 range.

High volatility expected due uncertainty on what will say in his first presidential speech and which executive order President Trump will sign after assuming the Oval office.

Jan 21

Trade closed: target reached

Gap up opening with high near 49545 then tank to low near 48430 with close near 48570. Market tanked due to non clarity on tariff imposition by Trump Administration and other executive orders.