Banknifty Intraday Analysis for 7th January 2025

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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 fermée: cible de profit atteinte
Gap up opening then again fall with low near 49970, again bounced with high near 50450 and closed near 50200.
Supply and DemandSupport and ResistanceTrend Lines

Disclaimer: Above discussion is not a Buy or Sell recommendation. This is only for educational purpose.

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