Nifty and Bank Nifty Support and Resistance Levels for Monday, 15 Jan 2024

 

Nifty and Bank Nifty Support and Resistance for Monday: Indian stock market indexes opened a gap-up on Monday, as indicated by Gift Nifty in the morning. The Nifty today opened at a record high level at 22053.15, up by 158.6 points, while the Sensex also opened at a fresh high at 73049.87 levels, up by 481.41 points. The Bank Nifty index made a higher opening of 181.25 points at 47891.05 level.

 

Nifty and Bank Nifty Support and Resistance

 

Nifty Today LIVE at 10.55 a.m IST

 

The Nifty index trimmed some early gains and is trading higher by 141 points or 0.64% at 22034 levels. The index made a high of 22081.95 and a day’s low of 21963.55, with a movement of 118.4 points till now. The Nifty Futures January series is trading at a 19-point premium at 22053 in comparison to the Nifty 50 spot price.

The Nifty weekly option chain data (18 Jan) showed that the Open Interest (OI) distribution for Nifty Put options is most notable at the 22000 and 21900 levels, indicating likely support for today. Meanwhile, on the Call side, significant Open Interest concentrations are identified at the 22100 and 22200 strike prices, suggesting potential resistance levels for Nifty. 

 

Bank Nifty Live Today at 11.05 a.m IST

 

The Bank Nifty index also trimmed some early gains after opening a gap-up. Currently, the Banknifty index is trading higher by 311 points or 0.65% at 48021 level. The index made a high of 48129.35, while hit a day’s low at 47825.40 so far on the spot price, with a movement of 303.95 points. The Bank Nifty Futures for the 25 January expiry is trading at a premium of 118 points at 48139 compared to the Bank Nifty spot price.

The Bank Nifty weekly option chain data (17 Jan) reveals that the Put options 47800 hold the most substantial concentration. This level is likely to serve as a critical support zone for the day. Conversely, Bank Nifty Call strikes at 48,200 and 48500 exhibit notable OI concentrations, signifying potential resistance levels for the day.

 

Stock Market Updates Today

 

Among the sectors, IT, Pharma, and Banking gaining the most, while Media and Metal are trading in the red.

The top-gaining stocks in the Nifty 50 index are Wipro, ONGC, HCL Tech, TechM, and Infy and the top losing stocks are HDFC Life, Tata Consumer, Hindalco, Bajaj Finance, and Bajaj Finserve.

The most active stocks in NSE in terms of value are Wipro, Infy, and HCL Tech, and in terms of volume are Wipro, ONGC, and SBI.

 

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Happy Investing!

Editor’s Desk

 

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