Banknifty Intraday Analysis for 8th August 2024

Aug 7

BANKNIFTY

Index closed near 50120 level and Maximum Call and Put Writing near CMP as below in current weekly contract:

Call Writing
51000 Strike – 11.30 Lakh
50000 Strike – 10.58 Lakh
50500 Strike – 8.08 Lakh

Put Writing
50000 Strike – 11.01 Lakh
49000 Strike – 4.76 Lakh
49500 Strike – 4.38 Lakh

Index has resistance near 50500 – 50700 range and if index crosses and sustain above 50700 level then may reach near 51000 – 51100 range.

Index has immediate support near 49700 – 49600 range and if this support is broken then index may tank near 49200 – 49000 range and if 49000 support is broken then index may tank to 48500 – 48400 range.

Aug 8

Trade closed: target reached

Gap down opening and made high near 50450 level after RBI MPC meeting tanked to close near 50110.