Nifty and Bank Nifty Prediction Today, April 8, 2024
Nifty and Bank Nifty Prediction Today, April 8, 2024: Indian stock market indexes opened higher on Monday, following the positive global cues. The Nifty opened higher at 22578.35, up by 64.65 points, while the Sensex made a positive opening of 307.22 points at 74555.44. The Bank Nifty index also opened higher at 93.7 points at 48586.75 levels.
Nifty and Bank Nifty Prediction Today
Nifty Support and Resistance at 10.50 a.m IST
The Nifty index hit a new record high today at 22630.90, the index extended its early gains and is trading higher by 99 points or 0.44% at 22613 levels. The index made a high of 22630.90 and a day’s low of 22550.35, with a movement of 80.55 points till now. The Nifty Futures April series is trading at an 84-points premium at 22697, compared to the Nifty 50 spot price.
The NSE weekly option chain data for 10 April showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22500, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22700 and 22800 strike prices, suggesting potential resistance levels for Nifty.
Nifty Prediction today by Prabhudas Lilladher– According to the reputed broking house, Nifty has support at 22448 levels and has resistance at 22650 levels for the day.
Bank Nifty Support and Resistance at 10.55 a.m IST
The Bank Nifty index trimmed some early gains and is trading higher, by 41 points or 0.09% at the 48534 level. The index made a high of 48629.05, while hit a day’s low at 48424.65, so far, on the spot price, with a movement of 204.4 points. The Bank Nifty Futures for April series is trading at a premium of 124 points at 48658 compared to the Bank Nifty spot price.
Today the Bank Nifty NSE option chain data for 10 April reveals that the Put options 48200 hold the most substantial concentration. This level will likely serve as a critical support zone for the day. Conversely, the Bank Nifty Call strike at 48600 and 49000 exhibits notable OI concentrations, signifying potential resistance levels.
Bank Nifty Prediction Today by Prabhudas Lilladher– According to the top broking house, Bank Nifty has support at 48073 and resistance at 48735 and 48978 for the day.
Also, read Options Trading Books: Your Ultimate 2023 Guide to Winning Big
Stock Market Prediction Next Week (8 – 12 April 2024)
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling the data for its Website. The views and investment tips expressed here are by third-party experts and are for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI-registered experts before making any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
