Nifty, Bank Nifty, and Finnifty Support and Resistance for 30 Jan 2024
Nifty, Bank Nifty, and Finnifty Support and Resistance: Indian stock market indexes extended their previous session gains and opened higher on Tuesday. The markets erased all early gains and are trading near their flat lines.
The Nifty today opened higher at 21775.75, up by 38.15 points, while the Sensex made a positive opening of 58.64 points at 72000.21 levels. The Bank Nifty index opened marginally higher by 39.15 points at 45481.50 levels. The Finnifty index opened lower today by 21.2 points at 20392.15
Nifty, Bank Nifty, and Finnifty Support and Resistance
Nifty Support and Resistance Today at 11.25 a.m IST
The Nifty index erased early gains and is trading lower by 73 points or 0.34% at 21679 levels. The index made a high of 21813.05 and a day’s low of 21655.26, with a movement of 157.79 points till now. The Nifty Futures January series is trading at a 116-points premium at 21795 in comparison to the Nifty 50 spot price.
The Nifty weekly option chain data (1 Feb) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 21600 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 21800 strike prices, suggesting potential resistance levels for Nifty.
Bank Nifty Support and Resistance Today at 11.30 a.m IST
The Bank Nifty index also pared all early gains and currently trading lower by 73 points or 0.16% at 45360 level. The index made a high of 45678.70, while hit a day’s low at 45264.15 so far on the spot price, with a movement of 414.55 points. The Bank Nifty Futures for the 29 February expiry is trading at a premium of 292 points at 45652 compared to the Bank Nifty spot price.
The Bank Nifty weekly option chain data (25 Jan) reveals that the Put options 45200 and 45000 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 45500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
Finnifty Support and Resistance Today at 11.35 a.m IST
The Finnifty index erased all intraday gains and is trading volatile at this moment. Currently, the Finnifty index is trading lower by 100 points or 0.49% at 20312 level. The Finnifty index made a high of 20466.30 and hit the day’s low at 20275.05 so far on the spot level, with a movement of 191.25 points.
Today is the Finnifty expiry for weekly options, it has strong resistance at the 20400- 20500 level, and breaching this level could move higher. Whereas, Finnifty option chain data reveals that the Put options 20200 and 20000 hold the most substantial concentration, and could act as the support for the day.
Stock Market Updates Today
Among the sectors, Media, Metal, and PSU Banks are gaining the most, while the Nifty Fin Services, Energy, and Pharma declining the most.
The top-gaining stocks in the Nifty 50 index are BPCL, ONGC, HUL, JSW Steel, and Wipro and the top losing stocks are Bajaj Finance, ITC, Reliance, Bajaj Finserve, and Ultratech Cement.
The most active stocks in NSE in terms of value are Bajaj Finance, HDFC Bank, and ITC, and in terms of volume are ONGC, ITC, and Tata Steel
Also, read Stock Market Prediction Next Week (29 Jan -2 Feb 2024)
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Happy Investing!
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