Navigating Nifty & Bank Nifty Support and Resistance Insights – 21st March 2024
Nifty and Bank Nifty Support and Resistance Today, 21 March 2024: The Indian stock market indexes opened a gap-up on Thursday following the positive cues from the US markets and extended their gains. All sectoral indices are trading in the green with the Nifty PSU Bank, Metal, and Media gaining the most.
Nifty & Bank Nifty Support and Resistance
Nifty Support and Resistance at 11.20 a.m IST
The Nifty index extended early gains and is trading higher, by 221.60 points or 1.01% at 22060 levels. The index made a high of 22080.95 and a day’s low of 21977, with a movement of 103.95 points till now. The Nifty Futures March series is trading at a 69-point premium at 22129, compared to the Nifty 50 spot price.
Today is the Nifty index weekly options expiry, the NSE weekly option chain data for 21 March showed that the Open Interest (OI) distribution for Nifty Put options is most notable at 22000 and 21900, indicating likely support for today. Meanwhile, on the Call side, meaningful Open Interest concentrations are identified at the 22100 and 22200 strike prices, suggesting potential resistance levels for Nifty.
According to Prabhudas Lilladher, the reputed broking house, Nifty has support at 21900 levels and has resistance at 22100 and 22214 for the day.
Bank Nifty Support and Resistance at 11.25 a.m IST
The Bank Nifty index also extended early gains, trading higher, by 549 points or 1.18% at the 46860 level. The index made a high of 46990.25, while hit a day’s low at 46674.85 so far on the spot price, with a movement of 315.4 points. The Bank Nifty Futures for March series is trading at a premium of 111 points at 46971 compared to the Bank Nifty spot price.
The NSE weekly option chain data for 27 March reveals that the Put options 46500 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 47000 and 47500 exhibits notable OI concentrations, signifying potential resistance levels for the day.
According to Prabhudas Lilladher, Bank Nifty has support at 46265 and resistance at 47092 for the day.
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